The ambiance sells this place. Old school Vegas lives here. Reason enough to visit.
The lounge is a great place. Sit around the fire in water and enjoy the blue neon glow. Wait staff varies. I have been to this place many time spanning 2 decades. I love the joint but the waitresses are hit and miss. Often a miss. My recent visit she was pretty slow both speed and on the uptake. Bartender is good though and again, the place is just cool to visit.
Restaurant side is also a visual splendor. Food is "OK". Edible but you are not going to leave saying "wow great food". Unless all you care about is portion which 90% of the tourists seem to fall into (large eating large).
I would tell anyone to visit both restaurant and lounge side for an experience the rest of Vegas has lost. Great date spot.
For movie buffs the scene in Casino were Sam and Ginger are sitting having a drink and she returns to be asked "any change" ... that's the Peppermill lounge.