The only thing that saves this place is the location. Right on the strip near the Flamingo, across from Bellagio. Right on the corner. Can't be beat.
I was feeling fruity and got a strawberry daquiri here once. It was way too strong and really wasn't the iced adult beverage you expect. Instead it came out of some slurpee type dispenser. Please put a little effort in if I'm paying 10 bucks! Is a blender too much to ask?
Margaritaville is a good rendezvous point to start the night because it's easy to find/get to. Don't stay too long unless you like being butts to nutts with tourists. Maybe it's slightly better during the week?