The Strip is very spread out and to go to one end to the other can take lots of time by foot. Taxis are expensive - from the strip it can cost $30 to go downtown.
Lots of traffic around 6pm and around midnight. Some food is really bad - think $2 hot dogs. Some of it is outstanding.
Its getting more and more expensive - resort fees are now the norm and even some hotels are starting to charge for parking.
Center Strip is the place to be: Paris, Bellagio, Flamingo and PH.
Very dry: remember to drink some water - maybe bring some with you. Sunscreen and hats are a good idea.
Prices are unreal during holidays and conventions: CES and the like. Midweek is good if you like low prices and fewer people.
If your traveling by car in from California try to avoid heading back home Sunday afternoon. Traffic will add 2 or 3 hours to your trip.