This hotel was probably quite spectacular back when it was first built. The decor is nice, and they clearly put a lot of thought into it - but the hotel is clearly showing signs of age. The seams of the walls of the hallways are visibly coming apart, the carpet is worn, air conditioners are old with bent parts - it's definitely time for a remodel. Calling themselves a "luxury hotel" is really pushing it.
Be careful - if they offer to "upgrade" your pyramid room to a slightly larger tower room, say NO. The tower rooms are so far away from the entrance and casino, it takes forever to get to and from your room. Signage within the entire hotel is poor, so you have to give yourself PLENTY of time to get lost before you find your way to wherever you're going. A couple of "YOU ARE HERE" maps would be nice.
The free tram between the Excalibur-Luxor-Mandalay Bay is pretty useless if you're staying at the Luxor. Half the time it passes up the Luxor and you have to make your way through the maze beneath.
The main reason we'll never stay there again is the lack of free Internet. They charged us $10 per day to use a wired Internet connection - at $40 for 4 days, that's more than we pay for a month of high speed Internet at home.
This hotel really has a lot of potential, but sadly the owners do not seem to care. It could be a really great place if they want it to be.