The Luxor was a perfectly nice Vegas hotel when I stayed there two years ago. The location isn't ideal -- it's down on one end of the strip next to Mandalay Bay, rather than being central. But the rooms were certainly nice, as well as the pool, the casino, etc.
Sidenote: after going out for a little Vegas debauchery, watch out for The Inclinator. That what they call their elevators because they rise at an angle due to the hotel's pyramid design. It made us a little queasy at the end of the night!