When I have to go to Vegas (usually for a convention) I always stay at the Westward Ho. First of all, it's called 'Ho'. Secondly, room rates are usually between $30 and $50 a night. The rooms are shabby and small, but they're clean and I always get *fabulous* service there... the staff have always been super nice and accomodating. The hotel cafe (in the casino) has two foot hot dogs and giant strawberry shortcake (the shortcake is bigger than your head and both are good quality) for $1.50 each. It's on the strip still, next to Circus Circus.
They don't usually participate in travel websites, but you can check prices and make reservations at their own site:
http://www.westwardho.com/
I'd love to go to Vegas and stay in a really posh hotel if I was rich, but as long as I'm not I'll be staying there... and how much time do you spend in your room anyway?