We've seen this show twice in a span of 4 years or so. Nothing has really changed except that Wally Eastwood is the main performer/host, not Nathan Burton who has his own headlining show at the Flamingo. The show lasts about an hour or so and there's a great view anywhere, except the posts on the outskirts. Lines tend to mount up at least an hour before the show, so if you want a good seat and you're not VIP, then come early.
Btw, getting to the V Theater can be a trek, since you have to walk around the Mile of Shops in a circular fashion. However, I did notice one parking structure about 50 yards away.