Stayed here and will not do it again. Yes, it is right in the middle of the strip (right across from Caesar's and the Bellagio). The location IS great. If you are with a group of people and don't care too much about your safety or luxury, you may not mind staying here. It is not THAT cheap compared to finding good deals for a 4 or 5 star hotel on Priceline or Travelocity. For the same price of a room here, you could stay somewhere much better if you plan well.
The type of people that stay here are really sketchy, because it is a budget hotel and casino. I almost got followed to my room by some people from the elevator. It was just very unpleasant. I would never feel safe if I had to walk around alone anywhere. The crowd was much older at the casino (60's and 70's it seemed like).
Rooms are old and even the plasma tv could not make up for the dark hallways and run down appearance. It just felt odd being in a bright exciting city like Vegas and staying in an older, cheaper place.