We stayed at Mandalay Bay for 2 nights after spending 4 camping in the Grand Canyon (see reviews for Arizona Luxury Expeditions - Amazing)
We had our 2 boys with us 9 & 11. I was trying to get a hotel a little bit family friendly but it is the Las Vegas strip after all.
Our room was amazing. We got a 2 bedroom Suite and the square footage for the price was the best deal I could find. Mandalay Bay in at one end of the strip so I would not call it "centrally located". We took a taxi to the other end and walked back to this hotel and it took us the whole day.
The pool was fine - it does have a wave pool, and a lazy river and another pool plus a "clothing optional" pool (obviously not for us) but it was CRAZY crowed...took us 20 min to find a seat and there is very very little shade unless you spend the money on an umbrella (yes you have to rent them) or a cabana.
If we ended up in Vegas again with the kids I would either stay at NY,NY or the MirageMore