The Bellagio is by far my favorite hotel. The entire hotel from the lobby to the casino to the suites is elegant and luxurious. Is it expensive? Absolutely, but you pay for what you get. Service is top notch.
Compared to newer, more opulent, hotels The Bellagio stands strong as a Vegas hot spot. The fountain show is a notable site, drawing crowds every day. The decor inside is more tasteful than other newer hotels, as are the guest rooms. Every detail of this hotel and casino were well thought out and designed.
If you want to do Vegas right, and want to treat yourself, The Bellagio is the place to go.