YES!!! This is one of the awesome wonders of Las Vegas.
Even as a local, I am always impressed when we are standing there.
They have a water show every 15 minutes, but different ones, set to different songs.
This is one of those great spots we always bring visitors when we are down on the strip. In my opinion, it is best at night.
Perfect night....Dinner on the Strip, then watch the fountain, then head to the Caesar's for dessert at Serendipity (although I suggest putting your name in at Serendipity first, it can be a wait)