The Monte Carlo hotel has an excellent location right on the Strip - between New York and the Bellagio. It is even possible to see the Bellagio fountains from some of the rooms.
High rooms have a great view - from floor 28 and up. Rooms are not too big but rather comfortable. Decoration is more elegant than in lower class hotels like the Excalibur. A positive point is that rooms are not too noisy.
Check-in at busy times can easily take 30 minutes standing in a line. In my case, no high room was available - I had to wait 3 hours until one was cleaned.
The hotel service is average - hotel staff is most often cold, not very polite and overall not what you would expect from a 4 star hotel.
Having said that, the location, quality of the rooms and stylish facilities make the Monte Carlo an excellent option to get a great Vegas experience.
Price is around US$55 during the week - and a lot more during peak season (e.g. Christmas and New Year). I recommend making your reservation on expedia.com to get the best rates.
However, should you want a truly luxurious stay, I would suggest looking at the Bellagio and Mandalay Bay hotels - truly amazing but rather expensive - even on expedia.com.
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Theme: Hotel
Comparison: less expensive than average
Website: www.monte-carlo.com