Probably one of the faster and ways to travel up n down strip during day, getting all the way from Mandalay bay in south to Premium Outlets and Downtown in North. You get a hourly, day or 3-day pass for a very reasonable amount of money. You can jump on and off the bus on whichever station you want, and this is a good way to explore more areas than you normally could walk.
This is a more casual way to stroll along the strip and is the only transportation in vegas that is aloud to drop you off right on the strip. If you summarize the time you spend waiting in the taxi stand, and walking back and forth the strip, i bet its pretty much even most cases. Of course when going longer distance taxi will probably be faster, but i dont think its a certain amount of difference.
I dont promote always going the Deuce, but its a great complement during day when going shopping and exploring the city more.