Here's my very short, but hopefully helpful review:
The south tower is no good. We stayed here one of the four nights before we gave in, went down stairs to the lobby and upgraded to the North tower. The North tower was nice and has all the basics you need to get a restful night of sleep.
Keep in mind that you shouldn't expect Bally's to look like the new Cosmo hotel or Aria, or any of the other big names in Vegas. Bally's is nice because the crowd is not as crazy, the location on the strip is great, and you get a good price for a room. By staying here you can spend the money you saved on ... well... it's Vegas, you take your pick!
p.s. there are no hotel fees, but there is a $3 fee each day you use the hotel safe (lame, but true).