Nothing on the Strip is cheap but this is the most affordable option in or right around Ballys by far for some decent food ... next best is walking a block down Flamingo to Ellis Island. Also the most economical place to use a dining credit.
Bagels range from $4 for just cream cheese to $7.50 for eggs / cheese / meat. You can also get a big hot dog for $6 or big sandwiches for $9-10 each.
Food quality is a little better than the usual quick-serve breakfast. Portions aren't overwhelming but are decent. Coffee is on par with Starbucks Pike Place - good enough to do the job.
Note that the breakfast combo deal has changed from what's listed on their online menu - now it's basically a 75 cent discount on your coffee when you buy it with any breakfast sandwich.
Prices are definitely a tad too high but it can (and does) get worse on the Strip. 3 points for superfast service and being open at 6 AM every day - can be hard to find Strip breakfast places that open before 8.