Went for my birthday and loved it! Was cracking up the entire time, but I have a pretty liberal (childish?) sense of humor. As said by others, definitely not for uppity types or anyone offended by over-the-top racial and sexual humor. Glad I was not sitting toward the front though, because I also embarrass easily and would not have wanted to be picked on. TIP: if you're shy, you might want to ask to opt out of the first 3 or 4 rows. They will harass you and even pulled people up for a lap dance competition!
Aside from the humor, the circus acts were breathtaking. Being in such a small venue made it feel intimate and dangerous. The performers were just as, if not more talented than anyone you'll see in a big name circus, and here they're performing a few feet above your head. And with most being scantily clad, it was two shows in one :)
My only complaint is that we had a somewhat obstructed view. You're told that there are "no bad seats," but if you get a seat at the end of the row you will be right next to a tent support. We could see center stage fine, but had to lean over each other to see Penny at the front, who was the funniest part. Also, not that its a huge deal, but from the show description we were expecting some topless acts. Show has one girl in pasties, a few more in bras, but that's it. We had to sign an acknowledgement of "nudity" when we bought the tickets, so were a little disappointed there wasn't any.
HELPFUL TIP: If you have to pick up your tickets at the box office, Absinthe has their own right next to the performance tent. We were not told this, so went to the inside box office at Caesar's Palace first. Then had a hefty walk outside to a whole different part of the casino, and hefty walk back... gave me a blister and made us late for dinner reservations!