As with the majority of downtown / Fremont hotels, this place has some great deals on hotel rooms. I've also stayed at Fitzgerald's and they're pretty much the same, save that Binion's has quicker elevators.
The room was a bit worn, but for a place to keep your stuff and sleep off the previous night, it's perfectly acceptable. Do not expect luxury or any extra amenities when staying here in a regular room at a discount rate.
Downtown is all about some of the last remaining old Vegas vibe, and convenience - there's no way you could visit 6 or 8 separate casinos and a few bars in one night on the strip, without taking many taxicab rides - - but downtown, it's all in walking distance. It's not glitzy, it's not luxury, no floor shows or roller-coasters, just gambling, drinking, people-watching, the Fremont light shows, and regular people generally having a great time.
If you want to stay downtown but step it up a star rating or two, check out the Golden Nugget, and their new pool area.
While the hotel itself was just the basics, I can say that the staff at Binion's were very gracious, helpful and friendly. The coffee shop downstairs is a bonus if you like breakfast any time of day.
They do offer free parking, but it's at one of the two hotel sides (and your room might be on the other side, so prepare for a bit of a walk). I thought I read that they had wi-fi, but couldn't get any sort of signal in my room.
I didn't check out the pool area, so I don't have an opinion on that.
I would recommend this hotel to someone who didn't want any extra frills.
If you're driving to this hotel (or any downtown hotel) from the airport, I suggest driving up the interstate and taking the 2nd downtown exit, as opposed to driving all the way up the strip... The strip will almost always be jammed with traffic, and unless you arrive at rush hour or happen upon an accident, taking the interstate can save you an hour or more in getting to / from the hotel.

This was my second stay at Binions. The rooms have a coffee maker and hair dryer. The pillows are comfortable. One day the housekeeper failed to close my door after making up the room. The curtain wouldn't shut all the way; 3 days after reporting still not fixed. Plenty of noise from the Fremont Street Experience and the crane that goes back and forth on Fremont at night to replace bulbs. Love the snack bars. The bean and ham soup with cornbread is 3.50; tuna salad sandwich with tomato and potato salad 3.95. I ate at the snack bar 5 times in a 4 day stay. I played all my craps here - dealers are very good. An excellent value; I will stay here again.

I was concerned after reading some of the earlier reviews written during Bionion's transition period, but I found their service to be outstanding. We moved to Binions from my conference Hotel to save money while I extended our time for some personal days. I had booked two rooms using a special rate and called to get the rooms adjoining since we were traveling with two teens (16 and 18). The day we moved hotels we took a day trip so we had a very late arrival at Binions which I called to let them know we would be arriving late. When we checked in they were out of standard rooms but offered us an outstanding suite on their 23rd floor for the same price. It had a full living room, dining room, foyer w/marble floors, two bedrooms and 4 bathrooms (2 full, 2 half). The balcony view was great and the room was more than I could have hoped for. Especially given the price. The location is also perfect if you want to be on Fremont Street. Even the valet parking was easy and efficient. No complaints from this stay.

Stayed @ Binions Feb 14th to the 18th. Booked with expedia and used one of their promos on the website which I found an awesome deal of 40 buck for the whole stay which breaks down to 10 bucks a night. The stay was fine--was on the top floor--23 on a non smoking floor--the elevators were quick and speedy considering we were on the top floor. The room was basic. Descent size--bathroom and other things work properly. The decor was older along with the tv but its nothing I pay much attention to. I'm a budget traveler who is hardly in the room except to sleep and shower & considering it was 10 bucks a night it was a great value. I would stay here again in a heartbeat. The stay overall was a great value--non smoking room/floor. Had a coupon book and ate at the coffee shop with a 2-4-1 breakfast and have to say it was one of the best meals the whole trip.