This place isn't as "hip" anymore, but I find that I enjoy it more now that most of the "Real World" crowd has found Tao. :)
That being said, crowds still flock here--and rightfully so. This is one of my favorite lounge-type-places in Vegas. I enjoy the view and the outdoor patio the best. Drinks aren't cheap. The cover isn't cheap. The line is long to get in. So: Arrive before 10PM, you'll go right up. Pre-drink to keep the costs down.
Dancing isn't allowed here, so go to the VooDoo if you want to shake it. It is pretty much the same type of place but is a little larger.