I attended a NHL pre season match known as Frozen Fury here very recently and loved every minute of it. The arena is small with great viewing from even the upper seats. Sadly Vegas doesn't host many professional sports events in general because this would make a great arena for my exhibition games for the NBA or NHL.
They were not utilizing the screens at our event which seemed silly but I am pretty sure that was a promoter/organization issue more than the MGM Grand Arena. You can hop off the monorail and be right at the main entrance in case you don't stay at the MGM Grand. I could imagine it not being the best venue for acoustics but a fun venue in a great casino!