My wife and I love the EC. Just made reservations today to stay there the first week of April. This will be our eighth trip to Vegas and our first repeat stay at a hotel (we stayed at the EC last November). The dealers are friendly, the limits are low, the cocktail service is good, and it's convenient to the rest of downtown.
I have never felt uncomfortable walking down Fremont toward the FSE, even late at night. There's always plenty of people out. No one is going to attack you when there are lots of other bystanders in the area.
Walking down Ogden toward the Gold Spike, however, is a different story. Late nights are definitely a little creepy.
IMHO, however, the scariest part of downtown is the stretch beside Neonopolis between Fremont and Ogden. There are plenty of areas on that block-long stretch when you are completely out of sight and anyone could jump out at you. If I didn't love the (marginally) sexy-dealer blackjack at the GS, I would never go down that street, even in broad daylight.