This place is definitely the epitome of excess and a perfect example of something that should not exist, especially in a desert.
However.... a bar made of ice is awesome! We decided we wanted to go in just because I've never seen this before and we were in Vegas, so why not? For $35, we got coat/shoes/gloves rental and two cocktails inside. Each cocktail is $10 after that, which isn't a bad deal considering I buy $10 cocktails at shitty bars in Chicago pretty regularly... sigh.
The bar is super cool... no pun intended. Every single thing is made of ice. I really liked drinking from a cup made entirely of ice as well as sitting on an ice bench covered in fur. Awesome. It starts to get pretty cold in there after about 45 minutes, so beware!
My only gripe is you have to leave everything in a locker, including cell phones and cameras. This place kind of operates like a ride at a theme park - they take your picture and you walk by the place at the end of the night where you can buy your photo but nothing is free. We bought a souvenir photo, anyway, just so we could have it. They're all available online as well.
I'd say just go here... it's a fun and unique experience.