Due to various reasons, including the influx of travelers coming to Vegas in the summer (bring sunscreen!) and the attempt to increase traffic and awareness of the monorail to visitors (in anticipation of the next expansion to the airport)....they cut the daily cost of a monorail pass from $15 to $8.....So now for the price of a round trip cab ride (if you are lucky) you can get access to the monorail for the whole day...good deal, especially if you are planning to get out and around all day/night...
Pros:
convenient
cost efficient
helps relieve congestion on the strip
environmental
Cons:
only goes down one side of the strip (walk across the street, lazy americans...lol)
only runs until 2-3am (depending on the day)
Check out the virtual tour and info of the stations here Buy tickets here