We stayed two nights at the Palazzo. I haven't stayed anywhere but the Wynn for years so I was a bit nervous about the quality and size of the room, however the Palazzo did not disappoint.
We were comp'ed rooms from when we had played on a previous trip. From check in to baggage service we had all the same experience as the Wynn, if not better. We had a standard room, which they refer to as a suite. The room was much larger than the rooms at the Wynn. I would give them a 10 on size, compared to the Wynn at a 7. In terms of quality the Wynn still prevails (9) but Palazzo (8) is close.
The bed, which is very important to me, was high quality and met the Wynn head on. I couldn't tell the difference between the two.
The location is great. Between the shopping at the Wynn, Palazzo and Venetian you have everything you want. On top of that their are many top notch restaurants within walking distance. One of my favorites is still Alex at the Wynn.
One con for me was I found the Palazzo and Venetian more crowded than the Wynn which at times was annoying.
Most importantly, would I stay again, even if I had to pay - YES!