Depends. If you are springing for a fountain view room, then I will take the Bellagio every time. We found ourselves running back up to the room, just to get there in time to see the fountains. We found it hard to drag ourselves away from the windows, and were tempted to sit there and drink wine and watch show after show. Very unusual for us in Vegas, as we usually barely see the inside of the room. The Bellagio location is fantastic too. If you are not springing for the fountain view, then I prefer the Palazzo. The rooms are great, and I prefer the casino and shopping areas of the Venetian. The location is not quite as great, but it isn't bad either. Honestly, I don't think you can go wrong with either. They are both fantastic choices!