All the downtown hotel/casinos have been remodeled since you were here 12 years ago. Most have been remodeled in the past couple of years.
You do not have to fear finding yourself in a "dump", with the possible exception of the Vegas Club. They seem to be doing some kind of current (and long overdue) remodel.
If you are comparing prices, be aware that theD (formerly the Fitz) and Golden Gate both charge a $20 per night "resort fee". So don't be fooled by the lower price.
A nightly resort fee of about $10 is charged by Plaza and The Downtown Grand. Golden Nugget was about $5 the last time I was there.
The Boyd properties (California, Fremont, Main Street Station) do not charge that fee. Neither do El Cortez and 4Queens.
Taking this into account, I have usually found that 4Q and the Boyd properties are the best combination of price and quality. Golden Nugget is way above the rest in quality but usually also in price. The Vintage and Pavillion rooms at El C have been very, very seriously renovated and can be a great bargain for those who seek such.
Hope this helps. Have a great time in Vegas.