We JUST got back from 4 nights at Ballys. It was not the nicest hotel I've ever stayed in but I would stay there again, especially for the right price. (But I like the value resorts at WDW too!) Iwould really have liked Ballys if it had been free!!!!!! My husband really liked Paris ( next door) so I think we will try that next. I agree with OPs, the location is great. We didn't go in all the hotels, but based on the lobbies... the nicest we saw were Caesar's, Paris, MGM not in that particular order. I saw several I would not stay in though... Barbary Coast, Tropicana, Excaliber.
Feel free to PM me if you have any questions about our experience in Vegas. We had a great time and can't wait to go back... talk about a Disneyworld for grownups!!!!!