I went two years ago, and wasn't that impressed. It wasn't up to the standards of Vegas Uncork'd's Grand Tasting. It seemed to me that it was aimed more at food industry insiders than at the general public -- more a place to talk to friends and meet new contacts, rather than to sample the best that Las Vegas has to offer.
My wife and I went last year. It was in the pool area at the Palazzo. It's worth paying extra to get the VIP tickets as you get let in earlier and can find your way around to all the best places. Some very nice bits and pieces to eat from a lot of great places - and very types of nice beverages too. This is meant to be a fundraiser - so it is not the world's bestvalue for money if you are looking for a great value for money food deal. However, there are a lot of people to talk to at the various booths and many of them are intimately involved with the food scene at their restaurants. You also get a few goodies handed out - trinkets and coupons for free drinks - that kind of thing - enough to fill a goody bag.