I stayed at the Stratosphere during a business trip.
The hotel is conveniently located right in between the strip and downtown, so you don't get the traffic and madness of either one. The neighborhood and hotel itself are kind of sketchy. I didn't feel unsafe or anything, but I wouldn't walk around at night either.
I stayed at the "renovated rooms" which are much nicer than the regular ones. They are at least updated.
The size of the room was fine, the beds are comfortable but I have a huge issue with housekeeping. I stayed there for 10 nights and even though they came and made my bed and replenish toiletries everyday, they NEVER, not EVEN ONCE changed my sheets or scrubbed the tub, they didn't sweep or mop the tile or anything.
If I have a choice in the matter I would much rather stayed somewhere else.
I also ate at all the restaurants in there and all of them are from mediocre to nasty.
They say that you get what you pay for, this is totally true at this hotel.
If you are on a budget, I recommend the Golden Nugget (downtown)