Did the pool party thing for the first time on my last Vegas trip as the best man of a bachelor party at the advice of the folks here.
Everyone dug it. Daybed by the pool with booze and food (which was actually pretty good) flowing faster than we could consume it while the peasants waited in ridiculous lines. Had a good spot (again got the lowdown from the folks here) so the ladies were flowing in and out all day. The single guys (

) were batting way out of their league. I was trying not to flirt (wifey hates it) but could barely keep them away.
Several hundy very well spent and it still leaves
plenty of time for gambling. As someone else mentioned most of us spent our early 20's dropping 3-digits/night several times a week going out. An afternoon in Vegas once a year for that price? No sweat.
I enjoy chilling at a more low key pool and smuggling in our booze when it's just me and the wife as well. But for a guy's trip the pool parties are tough to beat. I love gambling, but I've never left Vegas and thought "man I wish I had spent MORE time at the tables".