I was an invited guest before the actual grand opening of the Hotel and had a mixed bag of reviews. For sure there are definite upside to staying here like the All Suite hotel and incredible size of the suites. If you have stayed at the Venetian, this is the sister hotel that is almost identical but instead of the over the top Italian decor it is modern to modern art deco.
The Palazzo is connected to the Venetian by a great mall and spectacular art water fall display. The shops are upper class but lack some of the bigger names. All in all this a definitely a top 10 hotel on Vegas but when I stayed (3 nights) it was not finished. I had problems with the closet door not shutting and some lighting issue I'm sure they have since figured out.
The Lavo club is unique in that it is a bath house/restaurant/club. The casino is nice since it is away from the hotel portion, but small. I found myself walking over to the Venetian to find better gaming and food. The plus is definitely the size and decor of the rooms. There are at least 2 LCD TVs, a sitting level with a pull sofa bed, and large bathrooms.