We've walked by Minus 5 a bunch of times and thought it was a neat concept but never wanted to pay to go in, just to pay again for more drinks. Finally we cashed in some MyVegas points and got free entrance and some jackets/boots.
There's one main section and two smaller side seating sections inside. Everything is well coordinated in that you aren't allowed to bring in phones/cameras to take pictures and there is someone inside taking the photos for you. (We had so many taken that we decided to purchase the 3 for $40 which was steep but entrance was free so why not.) The drinks were devilishly delicious -- either there weren't enough vodka in them or there was too much juice, but I liked them! We had a few cocktails, shots and special shots out of a special lady ice sculpture (cough). Good times!
I won't be coming back but it was definitely an interesting experience.