I find the FHR program at the Bellagio quite nice, actually. This year the $$$ went up a bit, with the FHR rate being exactly 15% below the lowest available published rates. Previously I was staying on sub $200 rates on any night of a given week.

The meal coupons can be used at Cafe Bellagio, Gelato and the Pool Bar. For $12(you get 2 per night), they're not that bad of a deal. I usually ended up spending a few extra bucks, but nothing to cry over.

What's more valuable to me is the 4pm checkout and the spa coupons you get for the visit. The Bellagio Spa is one of the nicest I've been to.