Played starting late February and just returned from a trip to Vegas a couple weeks ago. The rewards were absolutely great - between my partner and I, we got the equivalent of $780 of comps free, just from the game.
You will need to get an mLife card/number. If you're redeeming shows or rooms, you'll want to do this before you head down - there's an online form you fill out. If you're just doing food/drink comps, you can just get the number when you're down there.
If you've got specific questions, feel free to ask. MGM is absolutely promoting the heck outta this program down there, so it's very well supported and I'd imagine it will be around for quite a while.
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