I have lived here since 1983, so I have seen this town really GROW. The other posters have given good points, so I'll try to add some more.
Vegas is spreading out, so as far as housing, the farther you go out, the newer the houses. The market is not as bad as it was several years ago, when you had to get on a waiting list for a new home, but prices are holding steady. A lot of people were buying homes as investment properties, and now those ballon payments are coming due, so you might be able to get a good deal if you look around. A lot of condos are being sold, but I'm not sure how that market is going.
I don't find the traffic too bad (I used to live in L.A.), but there is a lot of construction going on the surface streets and the freeways. The northeast part of town (towards Sunrise Mountain) is the only area that doesn't have access to a freeway, so you would have to use surface streets until you get to I-95. As others have said, you can get from one side of town to the other in about 30-45 minutes, depending on the time of day. As far as what part of town to live in, I think the other posters have stated the truth about that.
Employement is strong, with lots of opportunities. If you look at hotels and casinos, don't just think they hire a bunch of dealers and cocktail waitresses, there are professional positions that need to be filled, too. I think job opportunities for all fields are great.
I don't have children, so I can't really comment on the school situation, but from what I see it needs a lot of work.
I find prices for goods and services to be about average with other western state, although you'll get spoiled with the free parking and cheap eats we have here when you go to other states. There is no state tax, but they make up for it with other taxes (wait until you register your car, my 1999 F150 was under $200.00 for the first time this year).
There is a lot of entertainment here, be it taking in a show or hiking a trail, you can find it all here. The one place I think Vegas is lacking is in the fine arts, but it's getting better.
Once you find the ins and outs of where you're living, I think you'll like Vegas.