Pros: Great location on the strip
Cons: None that I can think of
Because I've lost so much money here, I get comped rooms via the MGM Mirage Player's Club (not sure if that's a good or a bad thing). Anyway, I remember going here as a little kid and the Mirage has come a long way. Instead of the gaudy tropical theme they had in the past, now everything is hip, cool, and modern.
They have a pretty decent number of slots and table games. The restaurants here are pretty good too. If you're in the area, you should definitely, try Stack for dinner and Japonais for drinks afterwards.
I like staying here because it's pretty central to the strip (i.e. across the the street from the Venetian, right next to Caesar's Place, etc).
Also if you feel like trying the "http://www.thetwentydollartrick.com/" for a room upgrade, I've heard that works most of the time here too.