Graceland was totally different from what I expected. First it's a lot smaller than I thought, second it's not that cheesy. I went expecting to see the ultimate in Americana tackiness. What I found was a touching and entertaining tour. I think Graceland is worth seeing, regardless of what you think about Elvis' music.
Cool hostel, it's a giant Victorian house, it looks almost like a castle. The men's bunks are in a back building and were pretty grungy, but not to bad. I'm told the women's quarters (which are in the main house) are very nice.
Went out last night, great live blues, tons of international travelers, all you can drink beer for $8, Memphis is a fun town.