I've stayed at the Strat a few different times while in Vegas. It's great if you're working on a budget and don't really care where you're staying. It's way down at the end of the Strip, almost at Fremont St. it's a hike and a half to get anywhere central - a "quick" walk down the block to the Sahara and then a ride on the tram can get you anywhere tho.
If you go I would not suggest staying in a "normal" cheapie room. They're not exactly the best. However I've been upgraded to a suite almost every time and the suites are some of the best rooms they have.
Good hotel, decent gamibling and some so-so shows. Overall, a pretty good experience!