I used it a coupla weeks ago. Very fast. But depending on which hotel you are trying to reach, you may still have a bit of walking to do after your stop. Each stop covers a cluster of hotels. If this is the case, see if your particular hotel has a shuttle running to your monorail stop. For example the monorail stop for the new Wynn casino was about a 2 block walk from the designated Wynn monorail stop, but you could take one of their shuttles which put you across the street from the monorail stop.
By the way, there is a very cool Ferrari themed italian restaurant at the Wynn. They even have menus with carbon fibre inlays. The food is excellent.
/Steevo
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Steve Chryssos