Honestly if you are goting to LV, you aren't going to spend much time in the room. Unless you are planning to stay in it all day, then you want a nice place with decent suites. I would suggest The Rio, a bit off the strip, but you have full size ground to ceiling windows to see the lights all around. Only if you rent a car though, the club on the roof is decent.
Mandalay Bay is good as it has access to the trains too, and the aquarium.
The Motel8 behind the MGM is super cheap and 2 blocks away from the strip.
Just depends on your transportation, if you get a car, there are also a lot of houses/condos gotten for a great price.
If you are planning shows, book them now, as you get crap seats when booked last minute. I remember having 2 extra tickest for Cirque, somone offered me $1000 for them.
Ken