Yes, bottle service is typically overpriced.
We poked our head in there during the early evening. It looks pretty nice (their bar looks especially cool). They have a ton of retro video game consoles and arcade games. I asked the door guy how business has been, and he said that the night before (a Saturday) there was an hour wait to get in, so it's been great.
It's nice to see stuff popping up on that block of Fremont. It makes the walk between the El Co and the main section of the Fremont Street Experience a lot nicer.