Zeke Quezada at About.com has the best coverage of Las Vegas anywhere. He's a local and writes extensively about the best places to eat and stay as well as shows and nightlife.
This week Zeke profiled several of the best "cheap" hotels in Las Vegas, noting that you don't have to sacrifice a nice room if you want to sleep cheap.
It's also important to note that rates vary enormously in Las Vegas. I'm heading down for the Computer Electronics Show in January and all the hotels know they'll fill up, so rates are about triple the normal price. I stayed at the Hilton a couple years ago for 55 - rooms during CES were 450!