About 20 or so years ago Vegas was trying to market itself as a "family vacation destination". Luckily Vegas got smart and decided to stick to "adult entertainment", which it does best.
Excalibur is a big, tacky reminder of this failed attempt at good clean family fun (with a little bit of naughty mixed in).
The rooms are cheap and the location is great and if that's all you really care about, I say go for it. Because its Vegas, and all you really need a room for is sleeping and storing your stuff, right??? WRONG!
You will spend more time in your room than you think, so be comfortable. A nice room & hotel accoutrements will also help get you in a Vegas state of mind.