Obviously the Rio has seen better days, but if you have some Total Rewards comps burning a hole in your pocket, have already checked out the Palms and some of the top spots on the strip, then by all means, give it a shot. Probably worth stopping by on the way to the Palms on a prior trip to make sure you don't mind the vibe.
Know what you're getting: you can get an awesome suite here cheap, but you can also get a standard boring room here cheap :)