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MGM is a nice solid middle of the road choice for place to stay in Vegas. It's relatively cheap and has something for everyone. It's also freaking huge which can be both good and bad.
My favorite hotel in Vegas all around is still Bellagio. Luxury and accomodations are on par with Venetian. It's on the high end in terms of price as well, but worth it. They are not child friendly, so no yard apes running around the pool or restaurants for the most part. There are two superb restaurants there, Prime for steaks and Picasso for Mediterranean. It's also center of the strip, so it's convenient if you like to explore other properties.
There are tons of great restaurants in Vegas. Without knowing a particular cuisine, I would highly recommend Delmonico at Venetian for steaks. It's owned by Emeril, and every meal I've had in there was world class.
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