Awesome location & really cheap... aside from that... there's not really anything else that's that great about IP.
It's a little dirty, the tables aren't very fun, the bars are pretty lame, and it's just not a place I want to be in for more than the few hours I'm asleep.
That being said - it's a good place to just crash for the night if you are strapped for cash (like many people in Vegas) and it saves you crazy taxi fairs because you're so close to all the good hotels :)