For those of you who have not been down here in a few years, this place has changed drastically. Vegas has made an effort to change this area. Now you have: overhead video shows, zip-lining, rock bands, multiple kiosks, outside bars, street performers and weird costumed-characters (most of them are half-naked).
It is definitely a festive atmosphere. I would again strongly suggest that you leave the little kiddies at the hotel. Too many weirdos and half-naked people running around. It wasn't necessarily dirty, but it makes you feel dirty. It was crowded and full of rowdy, drunk people making fools of themselves. If this your sort-of-thing, go for it! Make sure you avoid the hustlers though. Parking no longer free (even at the hotels) so be prepared to spend at least $10.00 on the weekend.