I used to be a member, and I think it's seen it's better days. It's not very exclusive when they hand out passes to everyone who walks into the casino. Now, it just seems old and a bit beat up. It used to be the place I wanted to go. Now, it's just the place I go if (insert club here) is too crowded. As for the food, it's Vegas. You can do better (and pay less). It still is probably the best view in Vegas, and if you can afford the New Years Eve party, it's unforgettable. It was great when you could watch the HOB shows live in the media room.
Go for drinks on the patio, but not for any other reason.