I haven't lived there. Only visited a few times for work, vacation, or to stay with friends living there.
There was a lot I didn't like. I remember it being oppressively hot. Even at night the pavement would radiate massive amount of heat. The tap water tasted really bad, too.
Away from the strip, any kind of unique character is completely lost and it feels like miles and miles and miles of strip malls and avenues, all looking the same with beauty shops, fast casual and fast food restaurants, and chain stores like Rite Aid, occasionally interrupted by big box stores. Might as well literally be in any generic city, USA. (Unfortunately the whole country seems to be going this way.)
Around the strip there was sexual "escort" flyer trash everywhere, literally blowing down the street in the wind, and people trying to jam that trash into my hands.
When it sprinkled rain once for a few minutes, the roads afterward were insanely slick. I was on a motorcycle and when making turns it almost felt as bad as driving on ice. This is not hyperbole--it genuinely felt that bad. I didn't really understand it. I'm a motorcyclist in Seattle so I ride in the rain all the time. Also I've ridden on snow and slush too (not smart, but I had no choice at the time), so I know what it is like. And just prior to the sprinkling, the road felt fine.
Lake Mead wasn't much of a draw to me. The water was dirty or cloudy, I couldn't see past 3-4 feet. So its not really a draw for a swimmer, snorkeler, or diver. Or at least it was like that when I was there. It's probably fine for power boating and beer or whatever, but I'm not into that.
On the plus side there are a lot of entertainment options and night life obviously. Food options on and off the strip are incredible, although tainted IMHO by nasty tap water.
Again, this is only what I can tell from visits. Someone who lives there might know the gems and the better things around the city.