I don't think that people understand how useful this tram is. This tram will help you beat the heat, or in our case beat the cold (yes, it does get cold in Vegas-- a little known fact that I, myself, didn't even know until this week.) We stayed at Mandalay for part of our trip, so we used it frequently to find cheap dining options in NY-NY and also to head to CVS and the gas station for cheap booze. (I learned later that there's a liquor store reeeally close to Mandalay if you head South towards the Four Seasons. It's across the street with the Panda Express and McDonalds.) To get to New York-New York, all you have to do is take the tram down to the Excalibur then take the pedestrian walkway.
We also used it on the final leg of our trip when staying at NY-NY to get to the WAX (the bus that takes you to the airport) stop located outside of Tropicana. It was so easy and saved us so much money in cab fare.
The only problem is it doesn't run very late during the week. The thing shuts down at 10:30 PM Monday-Friday and is till 12:30 AM on Saturdays and Sundays. We found out the hard way after a day when we walked and explored 11 different hotels. By that point, we just wanted to sit down so having to walk from Excalibur back down to Mandalay made my little feet and toes sad.
Other than that, it was very convenient and I appreciate the free service!