I actually visited CUT during January 2014 while in town for CES. There is no question that CUT is a "good" steak house. However after trying a few other steakhouses in Vegas (such as Gordon Ramsay), its definitely not the best.
I won't go into detail about all the sides (although the Mac and Cheese they have is AMAZING). The issue I had was with the steak itself. When I go to a steak house and order a steak, I am expecting to pay for a good piece of quality beef. I want to "taste" the flavors of the meat. Unfortunately, some restaurants feel the need to season (and possibly over-season) the meat. This is where CUT falls short. To me, they over-seasoned a great piece of beef so that all I could taste was the seasonings. The actual meat flavor was eliminated. It is a travesty to do this.
Overall, the restaurant is great. Service was awesome. Sides were good. Atmosphere is good. The steaks however left a lot to be desired.
Bottom line: If you are going for the steak, there are better steakhouses available.