This is definitely a 4-4.5 star hotel that is on the grand scale. The outside of this hotel brings back memories of Venice, Italy albeit all condensed together in the "front yard." The decor is stunning if not over the top throughout this hotel with a lot of "wow factor."
There are gondolas that travel through the shops area with singing gondoliers and beautiful "walk-over bridges.". One thing about this hotel is it is always packed full of people. The Phantom of the Opera show was very nice and again draws a lot of people. The shops are upscale but not the top designers. The restaurants are average to fine dinning with a food court in the casino.
The rooms set a standard in Vegas. They are large all suite rooms featuring a sitting area with a sofa that converts to a bed. Again, over the top Italian decor but luxurious non-the-less. I believe the smallest rooms are 800-900 sqft and the upper floors hold rooms that can be jaw dropping.
With all of the decor and the phenomenal club TAO it still is only a 4-4.5 star hotel next to the Wynn/Encore, Bellagio, or Caesars.