Not as beautiful as the Venetian but it's definitely a worthy alternative. The all-suite design is a great concept, however if you're on a budget $170/night may not seem that appealing to you. The Palazzo is in the middle of everything though, so that convenience adds into the price. You have Lavo on the main floor. Tao next door at the Venetian. Tryst and XS at the Wynn and Encore, which is across the street.
The room itself had all the amenities you would come to expect at this price point. The remote-controlled drapes and curtains are a nice touch. So were the 3 flat-screen tvs. You could probably fit four people comfortably in a single king room if you're really desperate. The couch is "L-shaped" and could accommodate two average sized humans.
Just don't forget your toothbrush. They run about $8 at the convenience store on the main level. And the toothbrush isn't even that great to begin with!
Overall, I was really pleased with my experience here. I would definitely recommend it to anyone.