I checked and the bungalow suites just seem to be bigger. So for $10 more per night, I guess it's up to you how much room you want/need.
I forgot there is also a Rainforest Cafe in MGM. We didn't really have any plans there specifically, BUT we are going to Dick's and Thunder From Down Under which is right across the street (diagonally) at Excalibur, so you'd be right there for that.
And it's directly across from New York New York, where Stacie wanted to eat one day.
And MGM is a stop on the monorail so that's a bonus there too, if we use that at all.
It's not really centrally located on the Strip, it's more down on the end, but not as bad as Mandalay Bay for example. And it's a nice place. Not trashy like Hooter's Hotel and Casino, or the Riviera, or one of those places.
Here is a map of the Strip so you can kind of see where it is:
http://www.vegas.com/lounge/map.html
Vegas.com is a great website for learning more about Vegas. It can all be a bit overwhelming, but it helps a little bit. lol