It seems that Vegas is yet another polarizing topic on this board. I've had very nice stays in Vegas - wonderful suite at MGM Grand, incredible strip view suite at THE Hotel at Mandalay Bay, nice room at Mandalay Bay, and an very nice suite at the Venetian. Plenty of seating, plasma tv's in teh rooms, etc. Nearly every casino (on the strip at least) now has a non-smoking section, and frankly in those areas you rarely have to wait to get a seat at a table game.
Yes, I agree, the days of the cheap food and incredible bargains are gone. Big corporations have taken over and the scale has increased by a HUGE scale, so has the cost. But, if you're willing to spend a reasonable amount of money - frankly no more than you would in LA, Seattle, NYC, or San Fran, you can have an incredible meal at one of the many 4 star restaurants. If you like sushi/sashimi, I highly Nobu @ the Hard Rock cafe...spendy but WELL worth it. If raw fish isn't your deal, get the Yakimono....mmm