This is one of my most favorite places in all of Vegas. It's not too much of a party hotel like the Hard Rock or Planet Hotel, but it's not a stuffy old dump like the Sahara or Monte Carlo.
I've stayed here over the years, and the one thing that keeps me coming back is the constant renovations and the consistent prices. I've never overpaid here, even when I visit during busy weekends (relative to other hotels-- gouging is inevitable during fights, conventions, etc.)
The rooms are nicely maintained, but if you want a real treat, pay a little more and get a room in the West Wing. Classier, swankier, and WAY cooler. Impress your friends, or a stranger. Oh wait.
ANYWAY, the MGM Grand Garden Arena is by far my favorite venue in Las Vegas. It's easy to access, and easy to exit.
Parking at this hotel isn't SO bad. Valet or self.
Plenty of show options. A plethora of dining options. I'm not a huge fan of the nightlife here, but you can always catch a cab, and head out to Tao, XS or Moon. No big deal.
Bottom line, this is the place you want to visit in Vegas. Spend your money here. You'll be happy.