With possibly the best location on the Las Vegas Strip is the newly opened Hyde Lounge. It is half outside at the front of the Bellagio, with a magnificent view of those mesmerizing fountains. They have an extremely fun (and funny) wait staff, a very solid cocktail and martini list, and a great DJ that knows how to play to his crowd (which to my delight was slightly older & better dressed then you average 21yr old night clubs in Vegas).
It may not be packed with A-list celebrities like its Hollywood predecessor, but when you have a glass of champagne in hand while inhaling that iconic view... well, lets just say that I felt like a celebrity. What? My mom thinks I'm cool.
To sum up, I would definitely go back in a heart beat.