I've been riding this thing for close to 10 years, and despite its money troubles the Monorail keeps on keepin' on.
You can't beat it to get to and from the convention center. If you pick a hotel on the line you'll be back before you'd get to the front of the LVCC cab line.
But finally it seems that tourists are getting the hang of using the Monorail; on my last trip I saw more people without a convention badge than ever before. It's far from perfect, but it's an easy way to get from the north end of the strip to the south without fighting the crowds. You'll still need to walk or catch cabs during your trip to get to some places, but it really comes in handy.