In general the Venetian is pretty nice (as is the Palazzo) but I tend to think it's just a tad overrated. The smell they pump through the place instantly brings to mind the odor of a fresh urinal cake, meant to mask other smells. It cheapens the place in my mind.
The shopping is nothing to write home about, but they have some decent restaurants and good clubs (Tao). I enjoy gambling in the Venetian casino when I happen past.
The rooms are nice and when I book my trips to Las Vegas I always consider the Venetian but end up booking someplace else (next door), even when the prices are comparable.