S.B.
We always stay at Sam's Town, which is off the strip, but awesome. (and cheaper for being off the strip!) It has a great buffet (featured on Racheal Ray's 40 dollars a day among other things) and has a shuttle service that goes to the strip every half hour or so. We always rent a car, though, since it's incredibly easy to drive in vegas and all the hotels have parking garages.
We budgeted for 1 show, which for us was the Tournament of Kings at the Excalibur, as we're really into that sort of renaissance stuff. We did a lot of just walking around casinos, as they were neat. Ceasars had a neat mall with an anamatronic show "the fall of atlantis" which we also enjoyed. If we were to stay on the strip, we've decided we'd want it to be Ceasers. The venetian was also really pretty to look around, had great gelato, and gondola rides if you're into that. They also have a Madame Tussaud's wax museum, which was fun and high quality if you're into that.
Most hotels have free drinking as long as you're gambling, but you should take some cash for tipping.
The only place I can remember running into kids was in the lobby of our hotel (I was wearing my wedding dress, which seemed to be a kid magnet for some reason!) and outside the Belagio at 1 am, where one lady was breastfeeding and my aunt made sure to tell me she'd kick my rear if I ever brought a baby to vegas. :-) Oh! And at the Exaclibur before our show, simply b/c the waiting area was in the kids game room.
There's something for everyone in vegas, have a great trip!