The MGM is one of the older hotels on the strip, but still pretty popular. Compared to the other hotels on the strip that I've stayed at (Vdara, Cosmopolitan, Mandalay Bay) the hotel room was "okay". It was big but it could use a remodel. It's easy to get lost in the casino and employees don't really seem to want to help if you stop them to ask a question.
If you're into partying they have hakkasan & wet republic here. You could also catch a couple shows like jabawockeez or KA.
If you want to go further down the strip but you don't want to walk they have a monorail that will take you down near Bally's/Planet Hollywood area. It costs around $5 and saves you from the heat!