As has been documented over in the FT Vegas forum (Venetian/Palazzo threads).

"V/P" is real big now on their revenue upgrade program. The most, unless in an sold out situation; or needing your 2 bedded Bella Suite (Yes, always reserve 2 bedded rooms --- especially if COMP; since you can score an upgrade to a larger suite when they are at capacity and ALWAYS need the 2 bedded suites) $20 will get you (in normal circumstances) is a view-suite; of course, YMMV.

FWIW, Grazie Gold gets a 'one-level' upgrade. Grazie Platinum gets very nice upgrades, but if you're Grazie Platinum, you don't really need upgrades since you are probably booked into a comp-superior suite already.

Will be interesting to see what upgrades Ambassador/Royal Ambassador receive. I very much doubt, they will offer Prestige Level access (the really nice concierge lounge at Palazzo); but if they do that would be quite the 'perk' for RAs.