My party of three was patiently waiting for our fourth to arrive in Vegas and didn't want to chance being in the dining room at CUT when he did, so we opted for the bar/lounge. (Good thing too, because his flight arrived 30 minutes early) You can still order off the dining room menu at the bar if you would like, as our server instructed me to do. I was ordering seared tuna off the small bites menu and she kindly informed me that the dinner version of the dish was much larger and the same price. The atmosphere in the lounge is trendy without being pretentious and you can easily just stop in for a drink if you want to.
That being said, I wasn't very wowed by the food. I do not think I would commit to a full dining experience here. The tuna serving, while massive, was largely unimpressive and flavorless. While my friend, a die hard carnivore, enjoyed his Kobe beef sliders, myself, a mostly herbivore didn't find them to be special. It takes a good steak for me to be impressed and I have to say that I wouldn't be willing to order and pay for one of the steaks here.
My conclusion...hit the lounge for a more casual and faster paced meal. Or just for some drinks. If you REALLY love steak then maybe consider the dining room.