I've played in there a bunch the last few weeks, here is a rundown I posted on another vegas board:
On the slots in there, in order to win the prizes advertised on top of the machines you must be betting max bet and hit a jackpot of $1,500 or more. On the Video poker machines you have to hit a royal to get the prize. The VP machines are .25 denom and there is only like 8 game king machines.
Some of the prizes you can win by hitting a royal are $200 cash, a nintendo wii, a sony playstation 3, movie tickets for a year, and buffets for a month. The prizes you can win on the slots are Coach handbags, a diamondback bike, a Movado watch, a Citizens Watch, a $1,000 RC Willey gift card, $500 cash, a washer and dryer, a mac book pro, a 50 in plasma, a Harley Davidson and some other things. I think it's a pretty good promotion even though I don't play those slots at max bet.
There is nothing different about the slot machines in there and the slots in the casino. If you win a prize and don't want it you can take the cash value of the prize at 75%.