My husband and I spent two nights at the Stratosphere in November 2009.
The hotel is lovely, comfortable and modern. The check-in was swift and efficient. We only had to wait a few minutes.
We paid extra for a strip view room, but I would advise against this. The room did have a strip view, but only if you looked out to your right. If you looked out dead ahead, you view was actually of one of the Tower's legs. It was OK, but a little disappointing.
The room was spacious and nicely decorated.
The whole casino was clean, spacious and well laid-out.
We used the Back Alley Bar to watch football on Sunday afternoon, and the service was pretty terrible. The waitress was standing chatting to a large group, without even bothering to look around to see if anyone else needed service (we were pretty much the only other people in there). My husband tried to get served at the bar, and still waited ages even though the bartender wasn't serving anyone else.
As others have said, the location is not that great, being at the far north of the Strip. One morning we decided to stroll to the main part of the Strip, and it took about 30mins to get to Treasure Island.
The room was a pretty decent rate, and unlimited admission to the Tower was included, which we used a couple of times and would throughly recommend, even if you're not staying at the Strat.
All in all, for the price we paid, the hotel was reasonable.