I've been to several parties at this lounge, and with a group it's decent. It's not a place I'd go to on my own or even just with my boyfriend, unless I were trying to kill time before The Bank opened up.
Their drinks are about the most expensive I've experienced in Vegas, I paid $16 for a glass of house wine. They have a food menu but it's very limited and is pretty unreasonable as well.
The atmosphere is really the only thing this place has going for it, besides the fact that it's free cover most nights. It's dark, very 'loungy', comfortable seating and a HUGE bar. It's curtained off from the casino and has great music. The seating is limited if you don't have table service.
It's an ok spot, but not someplace I'd go out of my way to go to.