Obviously this is a "casino bar" and in no way a hotspot in any sense of the word. But if you compare it to other bars in its category, it's superior to just about any offering (Except for and Vesper at the Cosmopolitan and Parasol Up at the Wynn). The bar is oriented around champagne and champagne cocktails so I wouldn't recommend ordering anything else. They are $14 each; after spending too much time and money gambling in the Pilazzo I found the Flower Eclipse (with St. Germain and Moet) and the French 75 a great and tasty respite. If you see the Phantom at the Venetian you get a 2 for 1 ticket for the champagne cocktails which I unfortunately did not realize until leaving. You can actually make a profit drinking here: put a $20 in the video poker/blackjack machine at the bar and they will comp your $14 drink. Make a few bucks at poker and you'll come out well ahead. A sweet deal in my opinion.
Disclaimer: I've been here three times but the last time I was there I tried to charge mine and my friend's drinks to our room at the Venetian and the waitress said that there was something the matter with our card. However we had no trouble charging food to our room at Bouchon so I'm afraid that the waitress was just worried that she would miss out on a tip if we didn't pay right away. Service was still good but that did notably detract from my final score.