This review is only for the hotel. A friend stayed here last year for the WSOP for three weeks. He got a great deal on the room and best of all - it was actually nice. I remembered being a little amazed when I walked into the suite, I thought it would be all old and Granny style. He got upgraded to a suite, and it was freshly renovated, had new furniture and a 37" flat screen, Ballin Strip style, no historical artifacts in sight. It worked out great for him as a "base of operations" during his extended poker jaunt.
I would do what you can to get a suite though, I don't think the regular rooms are as nice. A suite here should cost you one half to one third what the Venetian is asking.
Also if you were set on gambling downtown I think the Golden Nugget and Binions are more fun. Stay here, gamble there.