I know this is a beautiful hotel, but I can't give more than a three even though we scored a great deal for our room.
Why? Amenities! Last year we stayed at the Excalibur and the room at Bellagio was definitely nicer (the bathroom was amazing) with a gorgeous view of the fountains (we upgraded), but at the Excalibur you have free access to the gym (and it was a nice gym at that). Not so at the Bellagio. Instead you have to pay for gym and spa access. Mind you, the spa access does not include any treatments either. Just access to their sauna etc. Considering that most major hotels across the country allow free gym access, I find this to be a major issue.
Now the other major issue is shared by all hotels on the Strip. I don't know what it is about Las Vegas, but why isn't internet access free? It is at most any other nice hotel in the country.
Other issues:
The Bellagio does not hand out any freebies at all, unlike some of the other hotels on the strip.
Unfortunately, during our stay there was a fair amount of construction noise going on from the Cosmopolitan next door. We've run into this issue before while in Vegas. I don't know why they have to start noisy construction machinery at 5AM in the morning. It may have even been earlier than that. Very annoying.
Despite all that, we did have a nice stay. Especially since we were able to watch constant fountain shows from our room all night. The fountain shows at Bellagio are the nicest on the strip.