Considering the location of Bally's on the strip, it's pretty decent for the price you pay. This hotel is located right in the smack middle of the strip and is a short walking distance to most hotels. Back during the partying-on-a-budget days, my girlfriends and I would walk from Bally's all the way to Wynn/Encore in our FM heels with our classy red solo cups in hand no problem .
This hotel needs a renovation though! Some of the rooms still haven't even been upgraded to a flat-screen TV and the furniture is outdated.
The casino floor is chill and I love playing Wheel of Fortune in the "high limit slots" section. Let the dyke security guard strike up a conversation with you and she'll give you drink tickets for the bar :)