Reno is Reno. I can't see why people compare it with Vegas. Its not, and it doesn't try to be. I don't care for Vegas much, and I don't care for Reno much, but for different reasons. I do find the mix of tourists interesting to watch in Reno. One night every year or two in Reno is usually enough for me (its a 3 hour drive from home) - usually its one of those "its a really nice day for a nice drive" kind of things.
One observation I seem to have made a lot is that it seems like old cocktail waitresses from Vegas must go up to Reno in their older years - there just seem to be so many for whom time has not been kind to their faces, but their legs look like they are still 20.
It is impossible to say if I'd like Reno in any non-hotel-casino kind of way. I'd imagine that it has a lot of midwestern feel about it, with a good share of west coast influence.