Great vibe. Wasted Space is a nice spot to catch shows, as well as the main music venue (The Joint). The rooms are affordable. The food at Pink Taco is tasty. The pool is fun for people watching. It feels like a party 24 hours a day here.
If you want luxury and relaxation, don't stay here. If you want to party and meet other young people in the same mindset, this is arguably the best place in Vegas. Personally, I stay elsewhere and come here for some gambling and drinking from time to time.
Keep in mind that the hotel is actually pretty small (at least until the expansion is complete). Therefore, rooms tend to book up early during busy dates unlike some of the monster hotels on the Strip.
I attended a bachelor party that was held in the hotel a few years ago. One of the rooms we had featured a stripper pole and a pool table. Super classy stuff! Keep that in mind if you are taking somebody to Vegas that you really want to impress, like a mother-in-law.