I debated between 4 or 5 stars for this one, and if we could do half stars on tripadvisor, I'd give it 4.5. The hotel itself is quite beautiful and the views are extraordinary - that combined with its affordability make it worth staying outside of the town of Bellagio. Yes, there were times we wish we could just step outside our hotel and be in town, but the shuttle is - generally - effective. And there will be times when you will enjoy you are in a quieter part of the lake, for sure.
The rooms are big, modern, clean and comfortable. The pool is really quite awesome with spectacular views. The staff is helpful. It's a very relaxing place.