We stayed here over Christmas weekend and we were pleasantly surprised by the quality of the rooms. They were fairly luxurious, with a very comfortable bed and a large bathroom with soaking tub. Decor was pleasant and not over-the-top. Our room also had a nice mountain view. All for $65/night (excluding the $28/day resort fee). By way of comparison to other LV hotels, I would say that the rooms are definitely nicer than the rooms at the Bellagio, but not nearly as nice as the rooms at The Hotel @ Mandalay Bay (all suite tower).
Note that this hotel is located in Summerlin, approx. 30-40 minutes off of the Strip. It was great for us as we were visiting family living in the area but would not be good if you intend to spend a lot of time on the Strip. Also note that the casino at this hotel caters to locals, which makes it a pretty pathetic place to walk through late at night.