Way more awesome than I thought it would be.
Basically you get to be in a small room that functions as a car on the ferris wheel (similar to the London Eye). You hardly even noticed you are moving until you look back outside and notice the view has changed. The half hour long is plenty but not so short that you feel gipped. We had only one couple in our car other than our group of three in our car and it was no big deal.
We did the open bar which was great. They had all types of liquor. However, their beer selection was severely lacking and cheap. Fortunately our bartender knew how to make some awesome drinks and you get one to go and since its Vegas can walk around with it. I am a little ashamed to admit I learned that I could drink quite a bit in half an hour. I will say though that our bartender was really cranky and we were tipping well so I don't know what the deal was.
Anyways, the views are awesome. I've been to Vegas plenty of times and this was definitely a way of seeing Vegas I have never experienced. Seeing the whole strip is awesome and seeing real Vegas and Nevada out into the distance is awesome. We went at sunset and so had awesome views of the sunset, the mountains, and then all of the hotels as they began to take over and light up the sky.
My only problem with this place is the price. While its probably worth it once if you like Vegas, have the money to spend, or are really looking for something to do, but it is pretty expensive.
In short, my friends wanted to do this and I thought it would be super lame and we would walk away saying "wow that sucked. what a waste." We all walked away saying how awesome and fun this was! Yay!