I think some of the other reviewers don't really get this place and probably aren't the target demographic. I'm from LA and have been to the Hollywood location numerous times over the years.
This isn't a club. It's not a place to go dancing. It's not even really a place to pick up girls/guys, although that might happen if you play your cards right.
It's a place designed to experience music in an intimate, upscale setting with friends over drinks. Target demographic is mid-20's professional - late 30's professional. (Girls closer to 21 are, obviously, always appreciated). It's a place where the clientele wouldn't need to be told that sofas are reserved for bottle service.
This venue has all the familiar elements of the LA location: plush leather sofas and a somewhat industrial feel. But, in typical Vegas fashion, it's a bit bigger.
I had a great time this weekend, but I knew what I was expecting when I arrived. Since my wife and I were guests of the SLS, we got in free and didn't wait in line.
What's ultimately going to make or break this place are the musical acts they can lure here. I've seen Prince perform at the LA location. Nothing like seeing an artist on the level of Prince in a setting with less than 150 people.
I'll keep my eye on this place to see how it progresses.