It's probably one of those places which you expect and that only work in Vegas. Is it as good as the original? Maybe to some it is but to me it sure isn't even close. On the other hand one has to admit that even the original Hofbräuhaus is not really a decent place to begin with. It lives as a legend and ain't a place where locals go to anymore.
First time we went there was with a group of international guests from all over the world, including some real Germans and specifically Bavarians. For me as a German I did not find the place to be very accurate but instead it was simply a selection of certain stero types most of the world thinks are typical German qualities. It starts with the music (an Austrian band played that evening), goes on with the beer (which is indeed the same beer as served here) and finishes with the wannabe German food. Very few of the available dishes were really German, most seemed to be americanized variations which is understandable since most Americans would probably dislike real German food to begin with.
The waitress who took care of our group was simply overwhelmed and in a place like that I would expect the staff to at least understand you if you order from the menu in properly pronounced German. Not that evening, she placed several orders incorrectly and had troubles getting the drinks in the right order.
Would I go there again? Unlikely. Do I think most Americans would enjoy the place? Sure, no question about that. ;)