This is a really cool area with tons of shops, restaurants and entertainment. It's basically like a mini outdoor mall that has a really fun and positive environment but it's not somewhere I could stay for longer than an hour. Unless you plan to take a ride on the Linq itself or have dinner at one of the pub/bar like restaurants then I'd say you could bang out the Promenade in less than an hour.
It seems like this area is one of the few places close to Harrahs/Flamingo that you'll find a really young crowd but that might have just been a coincidence. I'd recommend checking this spot out if you haven't seen it yet just because it's still somewhat new and clean. At night the view of the Linq itself made the Prom look like a mini strip which is beautiful.