Rip, I stayed at Mandalay a couple of years ago. It's a great hotel, and it's a reasonable price. Probably one of the better values for the money.
Plus, there's a lot of great shops and restaurants in the plaza, and the gardens and pools are beautiful.
I would have had no clue which hotel to pick from the dozens of hotels out there, but my sister was a Vegas local then, and evryone she knew recommended Mandalay.
Have fun wherever you stay. Vegas is a trip and a half. I expected Vegas to be really awful, but had a great time instead.