My first time too. I booked dinner at Cut (a phone call found they had much more availability than Open Table suggested). They are offering the standard menu, which I prefer.
Looking for a good party but it sounds like they are announced at any time and can fill up fast. Been tracking this site for details:
Las Vegas New Year's Events
I am thinking we may book the event at Paris' Catheau Nightclub as it has indoor/outdoor so we can see the fireworks yet avoid being stuck out on the strip. The question is how to best get from Palazzo/Venetian to Paris.