Frankie's has added a bunch of new drinks and replaced the uncomfortable chairs so the experience is better than the previous 5 stars. The place is so tiki'd out I'm transformed into a new world, and that's before the terrific drinks. Bamboo Ben's decor and Crazy Al's masterful tiki are off the hook. Music is so good I purchased many of the same albums for my own bar- flanging guitar surf music and exotica.
A few things to be aware of. The smoke gets heavy so come in the morning (it's 5:00 somewhere) and maybe you'll be lucky. No food (even pretzels) can be served in a smoking bar but it's ok to bring food inside (Del Taco is across the street). Someone objected to the poor table service- there isn't any table service. Head up to the bar and place your order there. Order two different drinks and the efficient bartenders pour 8 different ingredients into each glass- that's two different bottles in each hand repeated four times with varying times for each.
Several people commented on the long cab drive- Frankie's is actually close to the strip, but on the opposite side of the freeway (NEVER walk there!). It's at Charleston which is further north than most of the popular strip locations.
A few thoughts about tiki bars. Supposedly there is a tiki resurgence but it is hard to find a great tiki bar. Others have mentioned Smuggler's Cove in SF but it has nautical decor, not tiki. Trader Vic's looks corporate. Frankie's limited competition is Forbidden Island in Alameda and the Tiki Ti in LA. So when in Vegas come to Frankie's for great drinks, decor and vibe.