Stayed here when we took a weekend getaway (Thur - Sun) in April 2011. We were looking for an inexpensive place to stay in Vegas that was still on the strip. We choose the stratosphere. The hotel itself is really nice (seems a bit old), but in general it is nice. We tried one of the restaurants - Roxy's Diner, just for a quick easy meal after a late flight. The food was really good! We also went to a show which was a lot of fun, and nicely priced.
And of course the stratosphere has an amazing view of the strip that you don't want to miss. We got some wonderful pictures there.
Didn't do any rides because they were expensive and we'd rather have spent that money doing other attractions in Vegas.
If you are looking for something conveniently located on the strip - this is not the place. It is quite a walk from the main part of the strip, and this is coming from a couple who usually walks everywhere on vacation because it is the cheapest way - and we like to save money! But even for us, especially after a night in heels, it was a bit far! However, if you are willing to buy a bus pass for the days you are there, then it would be just fine. Do keep in mind though that riding the bus on the strip can take a decent amount of time.
That in mind it is nice that is is far enough away from the action on the strip that it doesn't always seem to frantic! It is also a quick and easy getting to Fremont St.