If you want an inexpensive hotel right in the center of the strip, the IP is the place to go.
Check in was a breeze, we found our room just fine (I guess if you're really stupid, you complain about getting lost in here and not being able to find your tower) but any monkey with an IQ over 80 can find the elevators.
The elevators are small and rickety but they do their jobs.
The rooms are nothing spectacular but you're just sleeping there, not spending the week in there.
The monorail is convenient, there's a shuttle to the Rio next door at harrahs.
If you plan on visiting the Hash House A Go Go, DO NOT VISIT THE ONE IN IMPERIAL PALACE. Take a cab to the REAL HHAGG on sahara. This one SUCKS.
All in all a really good deal for the money. If you want a classy hotel, cross the street and check in at bellagio, as IP will not impress you.