I went to the Foundation Room for a wedding reception this past summer and was blown away. It was a destination wedding and was a smaller crowd of about 40 or so and we had a private area reserved on one side of the balcony.
There was a separate bartender for guests, as well as a DJ spinning for us. The security was polite but firm with those who tried to wander over to our area.
The inside of the restaurant is richly decorated with an Asian vibe and is beautiful.
The outside balcony needs no decoration because it towers over the strip and provides you with the most magnificent view in all of Vegas. Seriously, it's amazing.
The restaurant also provided buffet style dinner for all the guests and the manager came out on more than one occasion to make sure that everything was going well.
We had been to the Cat House at the Luxor the night before for a welcome party and I know that the bride had a really bad experience with the management there, so she was extra appreciative of the attentiveness of the staff at the Foundation Room.
I can't speak for the prices of the drinks, since it was open bar for us. However, if you're looking for cheap drinks, you're better off sticking to a college town than coming to Vegas. Everything is expensive!
I enjoyed the exclusivity of having our own space at such a fabulous place in Vegas and would definitely recommend it to anyone looking to have a classy wedding in Vegas, or an upscale bachelor/bachelorette party with a bunch of friends.
I added some pictures on here, but you're dying to see more, you can do so here: http://bit.ly/chhqTs