When I go to Vegas (for fun, not work) I'm there to party. Not sit in my hotel room. Having said that, the Excalibur totally met my expectations. The room was clean, comfortable and the hotel itself was close to a lot of the attractions we were interested in (NY NY, Luxor, etc.)
There's a good selection of cheaper restaurants and the pool area is great. The location is good and all in all it was an ideal stay.
I always say that in Vegas you get what you pay for - I personally choose to pay for drinks and fun as opposed to uber fancy hotels.