The MGM is one of my favorite budget places to stay. Each time that I've stayed here, the rooms have never failed me. There has always been a decent view and plenty of space. I'm a sucker for their pool as well.
If you're considering booking a room at MGM, be sure to obtain a Mlife account and book via the Mlife site. The prices tend to be much cheaper.
The MGM is on the south strip across from NY, NY and near Excalibur, Tropicana, Luxor (a bit of a walk) & Mandalay (a longer bit of a walk). There's also the M&M store complex area. To me, the area kind of plays off NY, NY for a city feel. You also have easy access to the monorail. If you're planning to party at Hakkasan and/or Wet Republic, you'll find those inside/within the MGM complex is well.
I've always experienced above average customer service here and never had any problems with the rooms.