Yes, it's a FIVE star! I stayed there in Feb (2009). It was so upscale, clean, modern, and best part is they are all suites (I think). My room had the rotating, huge flat screen HD TV. The bath was very nicely done, with marbles, expensive fixtures, etc..
And the pool, man was it nice. It was freezing outside, like 60 degrees, but I went swimming everyday I was there anyways. Because... the water was heated to 82 degrees!! There was steam coming off of the water. And they give you free bottled water (unlike the stingy Bellagio).
It's a bit better than the Wynn main hotel, and miles better than Bellagio or any other hotel I've stayed in LV.
I'm writing this from my Bellagio room - boy do I regret booking here instead of Encore or Wynn.