The first piece of advice about the Oyster Bar? Prepare for a wait nearly anytime you come. (At around 3:30PM though, it wasn't as bad as what I heard around 2AM where my friend waited for 3 hours). And when you arrive there, you'll see why. It's a tiny little area with seating only for about 20 people around a literal bar.
Indeed it's open for 24 hours but don't let that fool you either. The food here is good and everything has spunk/personality. Some cool notices - the food is prepped right in front of you. The 'cooks' have a lot of personality. And it's a great area to people watch such as seeing the regulars come on by. Finally, they have a lot of late night deals. Heads-up.
Drinks-wise, they have beer and wine available for around $5-$15 with a decent variety. They also have oyster shooters in beer/tequila/vodka variants (3 for $10) and they taste delicious of course. We had the tequila versions. They also have raw oysters available as well as soups
Along with this comes a number of entrees. They have a number of dishes like jambalaya and some pasta all based on southern dishes. The real things to focus on, in my opinion is the pan roast and gumbo. I personally got the palace pan roast which comes with meat and shrimp while my friend got the combo which is basically seafood. Another friend got house gumbo which came with seafood. (PS: There is a split charge so just either try to get your individual dish and share if you want to taste or if you really have to - split it.) The pan roasts were absolutely terrific. We had them at a spice level of 7 and 8 for both pan roasts and 8 was still doable for those used to spices. I personally was a bigger fan of the combo as well with the seafood really shining through and having a great taste. You can also ask for the rice in it to be on the side. The gumbo wasn't too bad although I personally preferred the creamier pan roast more. And in the end, the meal was about $70-80 which was a great price for 3 people and a number of drinks/appetizers/main courses.
The wait may not always be worth it; the location far off the strip and the small seating arrangement kind of 'eh' but the meal is one of the better ones in terms of price and taste in Vegas and at least worth one look-see.