The Playboy club isn't really a club. It's more of an expensive place to gamble. All the girls are dressed up in bunny suits and I'm pretty sure the tables are on the high end. It's just a room basically, decorated in Playboy theme with tables to gamble. You can gamble in the casino without having to pay a cover charge. Moon, which is upstairs from Playboy is a dance club.
I went here twice, once when it first opened and again over the 4th of July just to show a girlfriend what the place looked like. Honestly, I don't think any of the clubs at Palms is worth it... probably why there are barely/no waits to get into anything at Palms anymore. People have moved on to bigger and better clubs.