As sacrilegious as it sounds, I actually kind of like this one better than the real one in Paris. It can be busy, but it's far better organized and since there is only one level, that means one less queue to wait in. And while we had the disadvantage of terrible weather in Paris, which is less likely to occur in Vegas, the bright lights and action of the Strip are far more interesting to look at than the quiet and quaint houses and architecture of Paris.
Ideally, you should time your visit to reach the top shortly before sunset and stay long enough for a) sunset and b) at least one of the Bellagio fountain shows. It works best if you arrive shortly after a show has occurred and then stake out your spot for the next one. The fountains play more frequently at night, which is another reason that waiting for sunset is a good idea.
There are frequently 2 for 1 coupons available and those are definitely worth seeking out and taking advantage of. It isn't something I would choose to do every trip, but it's worth doing at least once or twice.