I got a good rate for the Mandalay Bay and gave it a try. Here's a summary of good and bad:
Thumbs up:
- decent rooms: okay size, nice bathroom with extra toilet and jacuzzi bath tub
- layout: quick access to elevators, front desk, casino. Only the parking garage is a bit of a walk
- night club and bars: Lights and Minus 5 Ice Bar are in the building
- wifi included in the resort fee
Thumbs down:
- dining options: some overpriced and less than average sandwich/diners, no decent brunch option
- beach: while the pool area is large and has a wave simulator, it is crowded and full of kids. In other words: great for families
- only a few stores, not much shopping options
I personally didn't mind the location that much - the hotel is located on the South end of the Strip. Cab ride to the Venetian is about $15, to the airport $16. However, there is the DEUCE bus going up the Strip ($8 24-hour ticket) and a monorail is connecting the hotel to the adjacent Excalibur for free.