I was just in Vegas last month, and there is a bus that runs the strip every 5 or 10 minutes that costs $2 one way or $5 all day. It's JAM PACKED late at night (we rode one night at 11 and probably could have walked faster ) but it's nice to get around without having to pay for a cab. The cab drivers do know all the alternative routes to get to hotels, and sometimes will drop you off in the back of a hotel whereas the bus would still take you just down the strip.

If you can afford it, it really is nice to stay in the same hotel you are going to be doing stuff in. It's much more convenient and less of a hassle. If you can't do that, I'd make sure to be to the hotel where your show is taking place, or nearby, an hour or two ahead of time just to make sure you are there. The cab lines at around 6PM when people start lining up to get to shows are insane! It could take you a while to get where you're going if you're far enough away.

Every hotel is an experience in and of itself, so no matter where you stay as long as you leave yourself enough time to get where you're going, you should have a good time

I've only ever stayed at the Aladdin, Caesar's, and the Mirage, so I am a crappy reference for rooms anywhere else. (For reference, all three seemed pretty similar, but the Aladdin has PF Chang's and Caesar's has Joe's Stone Crabs )