I would've given this hotel 5 stars if it hadn't been for two problems -- first, I had to ask 3 times just to get them to come and unclog the toilet, and I was unable to use the bathroom in my room until the next day. They also have this weird intercom system in the rooms and an alarm went off in my room during the middle of the night. Otherwise, I was more than happy with my stay.
A lot of people don't like the idea of this hotel because there is no casino, but I absolutely loved how small and quiet the place was. There's no long walk from the lobby to your room while choking on smoke, you walk into the hotel and there is a market cafe, a bar, and the front desk -- that's it. And Aria isn't far if you want to gamble or hang out. I loved the decor -- very modern and in done in light colors. The clientele is young, upscale 20-30 year old yuppies (no screaming kids running about the lobby).
The rooms were stunning. They're mini suites (ask for the split rooms) but much larger than the average hotel room. Even the kitchenette is quite spacious.
Rate wise, you'll probably get the best deal out of any 5 star hotel on the strip. I've stayed at most of them and this one was my favorite. I love Aria as well, but I will be staying at Vdara the next time I'm in Vegas.