When I was in Vegas a few years ago, I expected strip clubs and hookers galore on the strip. Not the case! The closest we came to hookers or strip clubs was the baseball card sized 'escort' services advertisments being handed out by the mexicans.
I was in Vegas last October, stayed at Planet Hollywood. We drove the girlfriend's Mistu Lancer down from Canada for her 30th B-day, and spent a couple weeks going to Disneyland, Six Flags, Santa Monica Pier, Hollywood BLVD and Vegas. It was a good trip, but we were burnt out near the end.
Those mexicans with the stripper flyers were sooo funny! They put their heads down, and go *SNAP* *SNAP* with the cards on their hands, and then practically shove one in your face. The girlfriend and I went with her brother and his girlfriend. He made the mistake of jokingly taking one card, and BOOM, he had 3 other mexicans jamming more cards in his hands, and 2 other mexicans jammed cards into his pockets. Good thing we left our wallets in the hotel!
PHoF is obviously a given. It's not at all in the "Vegas" styling you'd expect... lol!
http://maps.google.ca/?ie=UTF8&ll=36.101059,-115.068891&spn=0.016089,0.026157&t=h&z=16&layer=c&cbll=36.101051,-115.130601&panoid=oRmWBlUORsqyp7jAnamW6g&cbp=12,9.33,,0,18.44Also, there's no sign on the building really, at least not any big signs...
The Miracle Mile mall at the bottom of Planet Hollywood was neat, but -nothing- special in there other than Earl of Sandwich (WAAAAYYYYY around the back of the mall, by the south side of the casino). If you've never eaten here, it's a MUST for drunk food to soak up some of the booze.
There's also a Fat Tuesday just outside the West entrance of the MMM casino, where you can get a pretty good price on the Yard Dogs. Basically a big plastic pipe, with a bulb on the end, full of slushy alcohol. A must have for Vegas! I went through 5 of the tall red ones on the left in a night. Spent about 45$ and was feeling pretty good the whole night. There's a bunch of different flavours, too.

It really does depend on what you're into, though. During the day we went to the aquariums at Mandalay Bay (you walk through glass tunnels in the tanks, and sharks swim all around you), the Coke Store, the M&M store, and just generally walked the strip a bit. Between the coke store and the M&M store (all in the same building) there's a "tickets for tonight" booth. If you stop in there, you can save a decent amount on meals and shows. On the basement floor between the COKE and M&M stores is an arcade. Don't expect it to be the world's best arcade ever, it's got a lot of VR style games. It's a fun way to kill the afternoon. Only 3 pins, I think south park, Viper, and one other one... Don't bother wasting your time "making money" (20$) watching the TV pilots etc. that people will be pimping. They usually suck.

The fountains at Bellagio are kind of cool, but a week before we went to Vegas, we were in Disneyland and saw their "World Of Color". Bellagio fountain are nice, but the world of color was ---smurfing--- amazing. If it's something you've never seen before, and you're near it at night and need to rest your legs, check it out. It gives you a reason to stand around a bit. It's not really a comparison to World of Color though...

We never got to the Lion cages in MGM, but I've heard they're neat to see. Also, if you want a cheaper supper, but still good food, eat at the Hard Rock. If you just want grab and go food, get Earl of Sandwich or Pizza at the NY NY.
One tip I will give you to really get the best impression of Vegas...
Show up at dusk, just as the sun is setting. Don't show up when the sun is up and the lights are off. Spend the first night exploring the strip, don't worry about getting too drunk, but get your bearings. Spend the next day leisurely going to daytime stuff like the Coke store, and maybe a few outlet malls. That second night will be the night to go nuts. Spend the second day sobering up by the pools. Don't waste the first day by the pools. The weather never changes, so you're not missing anything.
Also, if you get a chance check out Fremont Street. It's a bit off the strip, but from what I've heard it's a neat experience.If you have the cash, there are a couple of those car rental places along the strip, but to be honest, it's kind of over-rated, unless you plan on taking one out onto the high way. There's not really any place good to drive within the city so...