Well, I can't comment on the food, as I only went for a late-evening round of drinks (which I think turned into 5 or 6 rounds...).
The place is definitely cozy and welcoming, and while I'm not sure of the guestlist situation, the fellow at the elevator just nodded at us as our group announced itself and ushered us right in.
As it was the middle of the week, the place was pretty calm and not overrun by pretentious twits, which was just perfect by us. Good drinks with an excellent selection, and a bartender that also sold us cigarettes and cigars made it very difficult to want to leave.
From the Buddha at the top of the elevator to the Strip in all of its (lurid?) glory, the views here are worth the trip.