The Venetian suites are fantastic (Palazzo's too but I have not stayed there), and Phantom of the Opera is a spectacular play filled with great music. You'd normally pay about $150 for two tickets to this show, so your room is basically "better than free" with this amazing deal.
Obviously your best bet in Vegas is "not betting", but no rollers and low rollers can have a great time in other venues which offer some of the world's best values in terms of vacation bang for the buck.
I just returned from a Travel and History family trip to Europe where we'd often spend $150 and more on nice but modest rooms in big cities like Paris. I could not help but think of the Venetian Suite my wife and I booked last year at $109 plus many credits, which was larger and far more spectacular than any we had in Europe. Of course Paris Las Vegas can't really match "real" Paris (except that it's much cleaner), but in terms of great hotels and amenities at small cost it is hard to beat Las Vegas during discounted times. NOTE - Las Vegas on the weekends / Holidays / and During the Computer Electronics Show CES 2011 or other major events can get VERY expensive, though you'll usually find bargains even in the high season as soon as you venture out from the major venues such as Venetian, Bellagio, Wynn and more along the Las Vegas Strip.