I wish I could do separate reviews for the restaurant and for the club, but I can't so here goes...
Restaurant - 2.5 stars
The food is heavy, as some have mentioned. It is also sort of just "meh". Having lived in New York where you can get amazing Italian food for one-tenth of the price, I was simply disappointed with the offerings at Lavo.
Nightclub - 3.5 stars
The decor is gorgeous. I really liked the dark, sexy ambiance. The music was good. My main issue is that every time I've gone to Lavo, it has been VERY crowded, and it takes forever to get a drink. Other than that, it's a cool spot on the strip.