I stayed at the Flamingo for a conference, so I can't really complain too much. I also can't say it was the ultimate hotel experience either. Everything is extremely pink... even the bathroom walls were pink and the lights too. Almost too pink for my taste. The highlight of this hotel experience was probably the TV in the bathroom. Being able to watch TV and catch up on my news while I shower? Multi-tasking to the max? Yes, please.
In terms of location, I think it's located in a pretty central area, where everything is happening. Definitely very walkable. However, don't take my word for it, b/c I don't usually party in Vegas and I happen to enjoy walking.