We were in Vegas in March and we rode this tram the entire length from the Monte Carlo to Bellagio. The tram stations are located in the very back of each hotel and therefore are not very conveniently located. Meanwhile, our friend walked the same route and got to Bellagio at the very same time as we did. The moral of the story is that if you want to take a load off of your feet for a very short time (maybe 7 or 8 minutes), it is probably worthwhile. But, if you are trying to save time, it's not worth it to trek all the way to the bowels of these hotels to find the tram station.
On a positive note, the trams and tram stations are kept up very well.