Location is great for Magic Springs, but it's not super if you're in town for Oaklawn, nor is it very close to the newer downtown areas of Hot Springs (for instance, near Hot Springs mall).
We booked on Priceline, and got a pretty good deal on it. Check in/front desk went smoothly, and the people were very friendly and helpful.
Water pressure isn't great, and it took forever to get the water warm for showers/baths. TV was very small (19" maybe?) for a motel. Room was clean, had a table and chairs, but was a bit worn.
If you're just staying for a night or two, it's certainly a good option and considerably more affordable than a lot of other hotels. Expect a no-frills, but clean room and you shouldn't be disappointed.