This race joined the Rock n' Roll Marathon Series in 2009. I've participated in the event each year having run the marathon 5 times and the half marathon 2 times. 2011 was the first year they switched the event into an evening event, calling it "Strip at Night".
Pros: I loved running through Fremont Street which you only get to experience if you run the full marathon. The half marathon course only gets a glimpse of it without getting to run through it. Rock n' Roll races are typically well organized. Besides their disastrous year riddled with poor planning in 2011, this race is pretty well organized. They have since improved the race. The pre-race concert is pretty cool.
Cons: I'm not a big fan of it being a night race. I preferred the race being in the morning. Running along the Strip isn't as cool as it sounds. Nice to do it once, but it's nothing spectacular. Once you're off of the Strip, the course is pretty ugly with absolutely nothing really worth seeing.
Important notes: As of 2015, race day packet pickup will cost you $40. The marathon has a pretty strict cutoff time limit. The cutoff was 4.5 hrs in 2013, 5 hrs since 2014.