There are loads of fun free things to do in Vegas.
1) Just look around each hotel on the strip. The theaming in a lot of them is stunning to look at. Also look around the shopping malls attached to the hotels, my favourites were the ones at Bellagios, Venetian, the Forum shops (the fountains and statues move and tell Myths every hour or so which is fun) and the ones at the Aladdin (there is a rain and thunder storm in there every hour or so!). You can see the Tigers at MGM and at the Mirage (if they are still there?). I also liked the theaming in the New York, New York and the Luxor (the Tutenkhamun museum there is good too.)
2) On an evening watch the Bellagio dancing fountains and the Pirate battle at Treasure Island.
3) Freemont Street is good to wonder around.
4) Go to the top of the Stratosphere (there is a small charge.)
5) If you can as a treat take a helicopter flight over the Hoover Dam and to the Grand Canyon (it is worth the money.)
As for food the buffets are good and great value for money. We only had one at the Luxor which was recommended to us by a friend who lives near Vegas. The food was excellant and the theaming was great.
If you like rollercoasters the one at New York New York is excellant, but the others along the strip are good too. I also enjoyed going indoor skydiving at the centre just off the strip opposite Circus Circus.
Have a great trip, I can't wait to go back to Vegas one day.