Yes, it's pricey and yes it sure is touristy but if you have the right expectations, you will enjoy the experience here. They suit you up in cold weather gear (pay more, and you can get fancier gear; read; fur coat and hat), request that you lock up your belongings in a locker (phone/camera included) and then you're off into the giant ice room.
And giant ice room it is - everything is literally made of ice. Glasses (that you drink out of) included. I think that was the best part of this whole thing... an icy cold beverage - yum! I couldn't stop licking the glass - LOL. The room itself is fairly small - three sitting areas that can fit maybe 4 people comfortably and then a couple of other places to stand around. There are several ice sculptures around the room too. Yes it's cold but not uncomfortable. If you do find it cold, you can step out into a lobby area to warm up and then go back into the ice room if you like. Since they ask you to leave your camera/phone in a locker you obviously can't snap any pictures but they do have a photog inside snapping memories (for purchase when you leave).
It probably won't make my list of things to do next time I visit Vegas, but am glad I experienced it once!