Ok, if you have never been to Vegas you need to understand that the normal rules don't apply. There are no cheap options for good food or really anything else, that's not how Vegas works.
PH is in a pretty central location compared to a lot of the other hotels. I like to hang out further North on the strip and it's not far from here. When it comes to price this is a great place to stay, especially if you book early. But don't be mistaken you don't want to hang around PH for nightlife, head North on the strip. The pool is also horrible, there is a reason it's free and there are a bunch of kids there.
There is a mall attached to PH that has some relatively inexpensive options for food, there is a pizza place (near the canal) that is decent. There is a good buffet, it's not cheap though.
If you want to hear popular music in your hotel you should stay here. If you don't mind/want to see scantily clad women working in the Casino stay here.