Love this hotel, it is very nice and for the price, this is one of the best hotels in Vegas. The best thing is the location, if you like to walk this is in the middle of the strip, so you have everything I your way. The buffets are very good, we liked more the Paris ones for lunch. For breakfast, the was a Starbucks closed by ( across the street) so we did that. The casino is very nice, but the tables are expensive.
Get a room facing the fountains, it is worthy.

My husband, daughter and I traveled to the Bellagio in December 2011 for a business event staying for 4 nights. The hotel is one of the nicest in Vegas. The rooms are spacious, the facilities are beautiful, and they have a great collection of restaurants. This is not a place, however, for family travel. My daughter was 4 months old at the time and we needed a crib and fridge for the room. Bellagio mentioned they would be charing $30/night for a crib (which never appeared on our bill), but both the crib and refrigerator seemed about 30 years old. We were a bit nervous to even put her in it - but it worked. the restaurants (like other places in vegas) also have pretty strict policies about infants. No children under 5 were allowed in their top tier restaurants; we either had to stick to the Bellagio cafe for dinner (mediocre at best) or swap solo meals while the other watched the baby (not very family-friendly). WE'll come back if we have to, but if we had an option I'm sure we could find another hotel more accomodating to families.

My husband and I stayed at Bellagio for 7 nights recently from 1st-8th Feb.
Overall we were impressed but not overwhelmed. Its almost like Bellagio is like a high end brand name. I kinda get the feeling that we were paying for the "name".
The good aspects:
Exquisitely clean.
Super comfortable beds!!
Check in and out was easy and stress free.
The ability to charge things from affiliated hotels back to our room was handy.
The so so good aspects:
There is no amenties in the room to do something simple like make your own cup of tea or coffee.
The fridges are weighted for ease of ensuring that nothing is "missed" from charging to your mini bar but this also means that there is no ability to bring anything home to eat. Every single meal has to be eaten out...
On that note Bellagio does not cater for the number of guest that they have for breakfast.... the lines for the buffet and the cafe were exhausting!!!
This is not a good thing after having a big night out..... something to eat and a coffee is a priority!!
This is especially bad on the weekends.
Overall we enjoyed our stay our room was comfortable and quiet, there were no views but when you are out and about this is not a concern.
The fitness centre was AMAZING... has everything needed, however this is often very busy as well.
I dont think that we would enjoy Vegas as much in the peak season.

We paid extra for the rooms overlooking the fountains. They are very awesome viewed from the hotel rooms! I highly recommend paying the extra for the view!