Great location if you are visiting the Strip. We were here for NYE and it made it easy to walk to everything we had planned on the strip.
It is definitely the same experience as staying in a hotel (just no housekeeping). However the place is very nice and the communication was excellent - Also it was a good value.
The only downside to our trip (and was totally out of the owners hands) - was the Starbucks was closed for maintenance the entire trip. So we had to walk to the MGM to get coffee.