In a town experiencing an amazing renaissance of food, there are few options in Las Vegas as superior as Picasso. The folks at the Bellagio have gotten it right from start to finish. From the moment you step in you know you are in for a treat. The decor is immaculate and puts you into immediate awe.
My suggestion is to get the tasting menu (well, this is ALWAYS the best suggestion at this scale of restaurant). Let them take care of you. Every dish and paired glass of wine which comes out will be a new delight to enjoy.
Set your expectations high, you won't be disappointed.
And honestly, is there any better way to enjoy the Bellagio fountains than from right behind them?