I've stayed at the Planet Hollywood twice now.
The first time it was under renovation and I got a slightly bipolar room, decorated with Aladdin stuff, but with a Sylvester Stallone Poster in the bathroom. None the less I walked away with a great impression of the Hotel, especially its excellent location.
If you're a first time Vegas-er you may be surprised to see how far it is to walk from one side of the strip to the other. At least a two hour walk. The Planet Hollywood is smack dab in the center, beside many clubs, resteraunts and shopping malls.
My second stay was even better. We had a renovated room, which was spotlessly clean, adequately large, and had a bathroom to die for. Walk in shower that is easily big enough for 5 (not to suggest one would put five in a shower.. ) a huge deep tub, double sinks.. just over all very nice.
The hallway on my floor, as well as the loby and casino floors were renovated and very nice. Casino staff were friendly (I suggest taking a free how to course).
The check in was easy enough. I waited maybe 5 minutes. Their concierge service for luggage on check out went smoothly (we checked out much earlier than our flight so left our bags there).
The Spice Market Cafe was yummy, but the adjacent club was a bit boring.
The pool is a concrete slab, that was my only disappointment. Considering that on my first stay the pool was closed for renovations I expected more.
Regardless, this hotel is a good bet. I'd definitely ask for a renovated room though. Enjoy your stay, and make sure to check out the adjacent shopping mall.