I just posted an answer to that very question before I saw your post

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WSOP 2007 Main Event Final Table
A lot of it depends on how long you are coming out for, if your just coming for 3-4 days, I'd highly recommend just staying at the Rio, especially if your going to play events (you get a discounted hotel rate), convenience factor, extra sleep in the morning, take a shower at dinner break to get refreshed, etc. For a short period of 3-4 days the money saved at a budget hotel vs the Rio is somewhat insignificatnt when you factor in Cab Fare, car rentals vs convenience and ideal location.
If you stay away from the 3-card poker you can probably affora suite
Jason