Shodan - sorry I am late to this party, have been busy at school and haven’t logged in for awhile.
Lot’s of great advice so far (and thanks for inserting my link, silenus).
The only thing I would add is to shoot for the moon when booking - granted, weekend rates are much higher than mid-week, but you still might find some really good deals at high-end properties. Go ahead and call Bellagio, or Paris or The Venetian or Wynn or Encore - even try Aria. Those are normally very, very pricey, but with the influx of rooms and the economy, great deals can be found. Some might still be pricey, but also include free dinners and some extra money to play while you are there, making it a better deal and thus worth paying full price anyway. BTW, for anyone reading this who has a more flexible schedule, you can usually get much better deals mid-week - probably paying far less for Sun-Thur than what you would pay for just Fri-Sat nights alone.
Many tourists are later pissed off to realize that for $10 more, they could have stayed at one of the high-end properties, but were afraid to even call and get prices. You have time, and what have you got to lose by asking?
That said, it really doesn’t make much difference what your room looks like, and most likely you will only go there when you are about ready to collapse and sleep anyway - I would be more concerned with location, so you can walk to places nearby.
There are lots of bus tours to the Hoover Dam, and you can take the short tours or long tours - plus it is not all that far (about an hour’s drive) from The Strip. You can find those ads in the free magazine(s) you will find by your bedside in the room.
Show tickets - if you want a big name show, call in advance and book. For instance, Garth Brooks sells out in minutes. Other shows, like LOVE and Cher at Caesars, sell out quickly as well. For smaller shows, there are several locations on The Strip that offer 2 for 1 deals on the day of the show - so if you are not picky, you might want to wait and just see what is available that night.
For newbies who want to play some money in a few slots, I suggest the simple Wheel Of Fortune machines - they have them for nickels, quarters and dollars everywhere, are all hooked up to every machine in the state and prizes get fairly high. Just put in maximum coins (always) and usually you can win enough to let you play for awhile. Also, try some of the nickel video poker machines - let’s you learn how to play and doesn’t cost a bundle, plus you can win a nice bit of change should you hit something big even playing for that small amount.
Have fun, and be sure to report back. I have to admit, getting Shodan’s review of Las Vegas will interest me A LOT!