The South Point was the official hotel for an event that I attended for 5 days in early June 2009. Can't beat the price! In fact, I got a $45 a night room rate through Travelocity for the week days portion of my stay, which was lower than the supposed advance discount rate offered through the event that I was attending. For such a low rate, you get a big room, with all the amenities. While the style and decoration may not strike you as luxurious, everything is of a good quality. The carpet, wall treatments, molding, bathroom floor and tile, fixtures, etc. The room had a king size bed, sofa & coffee table, small round table with 2 chairs, plus a separate desk with a chair. And even with all of that furniture, there was still lots of open floorspace in the room.
You've no doubt read about the bowling alley, movieplex, bingo hall and equestrian center. All are very modern and very popular. I ate a lot of meals off-site, so I don't feel qualified to comment on the South Point's restaurants.
The casino had all the typical machines and table games, but was small by Vegas standards. And it was very smokey. Obviously one area where they saved construction money was by not installing a mega-strength filtering system, like they have at some of the higher end Vegas hotels.
Is the hotel's location a pro or a con? I would say that you just have to be realistic about the tradeoff of off-Strip location vs. value. South Point is located far south of what is considered the southern tip of the Strip ... Mandalay Bay, Four Seasons, etc. You absolutely cannot walk to the Strip. Taxi is approximately $30 each way, more if you go to the northern area of the Strip. The famous Deuce bus that many visitors use to economically get up and down the Strip does not come anywhere near the South Point. At this point in time, the hotel does not offer a shuttle to the Strip.
So if you will travel to Vegas by car, you won't have an issue. Otherwise, I strongly suggest that you rent a car, for a least a few days. I did that and was pleasantly surprised that having a car in Vegas was not a hassle at all. All of the Strip casinos have free self-park garages, and even if you use valet parking, the only cost is a tip to the attendant. Traffic wasn't that bad either, even on Las Vegas Blvd. Now some of the lack of parking fees and traffic may have been because the visitor counts are way down during the current recession, so if you are reading this review months later, you may want to investigate to verify that these factors are still true.
All in all, I highly recommend the South Point, as long as you understand what you are getting for that attractively low room rate.