Since the Las Vegas Monorail had a stop for the SLS, I thought it would be a great opportunity to check out the monorail. I really enjoyed my first time on the monorail. I suggest that you get your ticket in advance. I suggest getting the unlimited ride pass for the amount of days you'll be in Vegas. I found a link online that sells DISCOUNTED tickets at least for the unlimited ride passes:
https://tickets.lvmonorail.com/destinationcoupons2012/
After you purchase your ticket, you simply scan the emailed barcode at one of the E-Ticket kiosks and obtain your ticket. The trains typically run at 7 minute intervals which is pretty good and opens really late during the weekends for your weekend debauchery. Also, there are ATM's at some of the stations that is on the Allpoint Network so I don't get charged ridiculous fees for withdrawing my money. (This is if your bank is free on the Allpoint Network)
I found the experience to be great. The only bad part is walking to the station, but in Vegas, you pretty much have to walk far distances to get to across an entire casino property anyhow. The monorail is very cost efficient and definitely competition for taxi cab drivers.