We had a blast there a few years ago with my in-laws. We got a great deal for 4 nights, stayed at the Luxor (it was great then, have heard it may have gone downhill a bit since), visited every place on the strip, had good food, saw Mystere, and did Star Trek: The Experience, which was the main reason I wanted to go.
We are not gamblers (we never go to AC unless it is for business), but we had some fun with the nickel machines.
I can see that the place is not for everyone, and we got pretty tired of the low lives pushing porn advertisements at us on the street.