If you're looking to stay at a central spot on the Strip without shelling out buko bucks, seriously consider Bally's. It's across from Bellagio and right next to Paris, and is within walking distance to all the other favorite spots (including the Forum Shops at Caesars).
Just as Monica F. noted, the standard rooms are VERY spacious. The room was clean and looked pretty modern. Not sure when they updated this place, but it was looking good! The only downside to our room was that it was located at the very end of an unusually long hallway. This was not good when we were walking to our room - wincing in pain from our too high heels - from a long night of drinking and dancing.
If I'm ballin' on a budget in Vegas again, I will seriously consider a return stay at Bally's. It's a wise spot for those looking to spend most of their time out and about, rather than holed up in the hotel's confines. You just need a spot to lie your head, right?