I would give this place 2.5 stars. It was better than the other high-end steakhouse chain in town (Ruth's Chris). The decor was very casual and kind of old-fashioned. It did feel a little crammed in there (with the walls closing in on you). But I got the feeling that was intended to create a more cozy, familiar atmosphere.
As far as the food goes, I thought my steak (beef filet) was actually decent. It was cooked properly at medium rare. The only problem was that it was a little on the salty side. The a la carte sides were nothing special. I did have a crab cake to start and that was mediocre.
For dessert, they talked up the pecan pie. I ordered that, and it was nothing special though the large man next to me who took some bites from it seemed like he was in love.
This is the only Smith & Wollensky I've been to so I couldn't tell you if it was any better or worse. However, my experience with most Las Vegas restaurants is that they are (a) below average and (b) overpriced.