This place isn't as bad as its reputation and if you've got kids and a budget, it's a good compromise.
I enjoyed the themed lobby and felt like the rooms in the tower were fine by normal city hotel standards, but Vegas has a lot of great hotels so when you are comparing to that bar it's below average.
The biggest cons are that its location is terrible if you don't plan to stay at this hotel and its adjacent hotels. It also doesn't have WiFi but it does have free internet if you can plug in to a single ethernet port. If you've got a family and WiFi devices you'll probably want to bring your own router to solve this problem. Bandwidth is limited and cellular access is spotty in the city of Las Vegas, so keep this in mind - online gamers / movie watchers are going to be unhappy campers anywhere in the city.
You are a reasonable walk from the Mandalay Bay Casino which is one of my favorites in the city and the theme of Luxor and Excalibur are fun for kids.
My room was clean and above average but I had to do A LOT of walking in this hotel which became tiresome very quickly.
If you can spend a few more bucks then the Mandalay Bay or MGM are going to be better overall places to stay, but it'll cost you.
I went in the winter so I did not explore the pool.