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While the former downtown and its classic hotels, like the Golden Nugget, lure visitors hungry for a retro escape, the 4-mile-long Strip remains the nexus of Vegas action. It's also where prices can soar. Perched on the top two floors of the MGM, skyLofts tops the list of uber-luxe properties, offering a 6,000-square-foot, 3-bedroom loft with 24-hour butler service, preferred seating at both of Joël Robuchon's restaurants, airport pick-up in a custom Maybach limo – and peak prices that reach $10,000 per night. Almost as posh but easier on the wallet, the Bellagio (3600 Las Vegas Blvd. S.; 888/987-6667; www.bellagio.com), with rooms that range from $179 to $750, remains far and away the Strip's center of gravity. It's Bellagio's attention to detail and elegant touches, like enormous dancing fountains, a museum-quality art gallery, and shopping at Tiffany & Co. and Hermès, that make this luxe spot an ideal Vegas hotel experience.

Just down the road, Caesars Palace (3570 Las Vegas Blvd. S.; 702/731-7110; www.caesarspalace.com) remains a favorite. It led the way to taking Vegas beyond the casino, with its celeb-chef eatery (Wolfgang Puck's Spago) and the Forum Shops which rake in more sales per square foot ($1,500) than any other mall in America, thanks to name-brand favorites like Kate Spade, Louis Vuitton, and more than 150 other high-end retailers. Caesars' $95 million Colosseum has also re-energized the headline acts by bringing in huge names like Céline Dion and Elton John.

The Mandalay Bay Resort (3950 Las Vegas Blvd. S.; 877/632-7800; www.mandalaybay.com) is home to three different properties: The Mandalay Bay Hotel, The Four Seasons, and THEhotel. The latter, a cosmopolitan 43-story all-suites tower with rooms ranging from $160 to $400, is the best all-around experience and a definite smart splurge. Their roomy and refined suites (750 sq. feet) feature warm modern touches, plasma TVs, and marble-and-granite bathroom detailing. While many visitors still come for Mandalay Bay's cavernous casino (135,000 sq. feet), it's easy to bypass all those slot machines and head to the new Bathhouse Spa, or ascend to heady and swank Mix club/restaurant. Many guests skip it all and beeline to the amazing pool area to sample Vegas's "beach scene." The area sprawls over 11 acres and includes a wave pool, a reef aquarium with more than a dozen kinds of sharks, and even an exclusive Euro-pool, the Moorea Beach Club, where topless sunbathing is permitted. (In almost every case, only hotel guests are permitted to use a Vegas resort's pools.)

Still, Vegas is about choice and, for many, trade-offs. While $300 a night is worth it for some, a room for under $200 at standbys like the Mirage (400 Las Vegas Blvd. S.; 702/791-7111; www.mirage.com), MGM Grand (3799 Las Vegas Blvd. S.; 702/891-1111; www.mgmgrand.com), Venetian (3355 Las Vegas Blvd. S.; 702/414-1000; www.venetian.com), or Paris is easy to come by. Each well-located property offers recently renovated rooms, high-thread-count bedding, and superb restaurants – and each is affordable, freeing up some extra cash for a show or spa treatment. Just a block off the Strip on Flamingo Road, the Platinum Hotel (211 E. Flamingo Rd.; 877/211-9211; www.theplatinumhotel.com) is the best value in its price range. It deserves special mention because you can get a stylish and expansive 900-square-foot suite with a plasma TV and a fully equipped kitchen for under $229, even at busy times. There's no casino, and you won't miss it.

See Las Vegas Travel Guide