I ended up in Vegas on a whim/two hour notice with three girlfriends who were all on a budget. We wanted to stay on the strip for under $75 a night and Excalibur was the only "name-brand" casino that fit the bill.
I stayed here when I was a minor several times, so I pretty much knew what the expect taking into account that the place had aged 15+ years since I'd last been there.
Excalibur is far from luxury or new, but it is really adequate for a cheap stay for a night or two in town. The location on the strip is actually pretty great, and a brisk walk to MGM, Luxor, Mandalay Bay, Tropicana, and NYNY. We did not use the pool, but it looked updated and actually kind of cool - although not the best choice for adults. Excalibur seriously lacks good eats, and the food court is HORRIBLE, but they do sport a Dick's.
Overall, it was fine, not special, but inexpensive... and our room did NOT smell.