The monorail bould be very useful for you when you go to see Ka. If you stay at a center strip hotel with a monorail stop or at the Venetian, then it is probably the easiest way to get to/from the show.

It is a fairly long walk from the Flamingo to MGM Grand. Taking the bus would mean crossing the boulevard at least once, standing and waiting for the bus to arrive, waiting some more while people board (it takes almost forever). Taking a taxi means waiting in line for the taxi. A taxi to MGM might be ok but after the show I would expect it would be a good wait. When I saw Ka I took the Monorail and got back to the Flamingo, and center strip, quickly. After the long wait for their taxi, the show goers probably got stuck in traffic.

From Mandalay Bay, you could take the free rail to Excalibur and then take the pedestrian bridges over to MGM. Then take the monorail up the strip to the Venetian or Flamingo and visit several casinos. Then take the bus from near Caesars or Bellagio (on the same side of the blvd as Mandalay Bay) back to your hotel.

(note that MGM, Paris, Flamingo, Venetian are on the east side of LV Blvd and Caesars, Bellagio, Excalibur, and Mandalay Bay are on the west side).

THEhotel is way better than anything in Vegas including the Bellagio (can't speak for Four Seasons section) but overall entryway and side of Mandalay with Hotel just felt nicer and has most spacious rooms (2 baths, 3 plasma tvs, full couch & living room area with bar and office desk) Nothing in Vegas is really all that close, so we cabbed everywhere anyway. You could easilly monorail to Excalibur and walk to NY NY and main drag. Center strip is easier access, but it's also more noise at night... including the stupid pirate show going off every 1/2 hour. I found Mandalay had better restaurants in house, you don't even really need to leave the place all day.

THEhotel is way good IF you like the trendy, masculine decor of the rooms. My teenage son liked, but it left me cold.