This may be one of the more reasonably priced options on the south strip, and is close to Luxor and New York, New York. In terms of quality, I think of it as The Stratosphere of the south strip...except the fun rides are next door at NY, NY.
The rooms are dated and unremarkable, but mostly clean (not pristine), while the poker room is what I'd call a last resort: you go there if you are desperate to play poker, but too tired to walk anywhere else.
You stay at Excalibur if you don't mind trading quality for a low price, and if there is something you want to do on the south strip, like attend a medieval times show.
stay at Excalibur if you want to play tournaments at Aria and Planet Hollywood for example, and think the walk doesn't look that far on the map (http://www.lasvegasstrip.net/images/lasvegasstripmap/las-vegas-strip-map.jpg)...because it is, and there are stairs...and adult entertainment hustlers...and street performers singing opera to accordion. Anyway, in the summer, you'll risk heat stroke unless you wait for a Deuce shuttle bus. In the fall, you will get a lot of exercise and be very glad it's not summer.
Bottom line, if you are on a tight budget, don't care about the room, and want to stay on the south strip, Excalibur may be worth a look. Otherwise, there are certainly better (and more conveniently located) options for poker players, for not much more money.
If you do stay at Excalibur, remember to use your coupon book to get $20 off of a decent meal at The Steakhouse at Camelot (or another eatery). The mesquite grilled salmon with sun-dried tomato butter is surprisingly good, although who orders fish at a steakhouse??