Everything that has already been written is very, very true!
Don't plan on the bus arriving according to schedule and be ready to get passed up if it is already full - very frustrating, especially if you have already been waiting for awhile. However, if you are staying on the north end of the Strip it is a good alternative from expensive cabs and long walks. Again, just know it will not be quick - be sure not to be on a set schedule to make a show or dinner reservations as you'll probably be late.
If you want to miss the crowds of the main Strip take the Deuce down to Fremont and gamble in downtown Vegas. Nice change and very old school.
Also, good to know is that after a long bus ride to the far south end of the route, the Deuce goes right past the airport's rental car hub. So, if you want to rent a car to go say to Hover Dam for the day and save yourself taxi fare, take the Deuce. Just remember it will take some time depending on where you pick up the bus, traffic, time of day and if there is construction on Vegas Blvd.