Just got back from vegas. New years was fun, but the strip is way overpriced. I got a good laugh out of people trying to buy those regular sized plastic pitchers of beer for $20 new years eve. Even at those prices, it still took people forever to get it.
What I did find odd was the understaffed bars. Pretty much any bar we went to new years eve (prior to midnight) was busy (as expected) and understaffed! How can you only have 2 bartenders on new years eve? I found this odd. The strip does have a lot of cool stuff to see though, but be prepared to walk a lot.
I had more fun Friday night downtown. There was mechanical bull riding at Binions, cheaper beer, and the light show on Fremont street is really cool (and free). I'd definitely recommend it.
We stayed at the MGM Grand which is on the south end of the strip. Didn't make it to the north end where the Sahara is. If you make it to the south end, the New York New York casino has a pretty cool irish bar (Nine Fine Irishman) which has live irish music, and it also has a dueling piano bar.
*edit to fix the day*