Okay, so it's old and no-frills and smells old and smokey pretty much everywhere--including the rooms, BUT it's REALLY cheap, located center Strip, and their staff are nice and provide good service. Cheap drinks right outside, too.
Honestly, how much time do you really spend in your room Vegas? I wouldn't stay here all the time, but if I'm going on a quick trip or on a tight budget budget, then IP's just fine. It's no Caeser's, but it's on-Strip and is just enough.