The setting is decent, but only for a while.
The Strip is nicely done, but It doesn't give a good feeling of that "Las Vegas" feel. The Strip was decently recovered and preserved, but the length of The Strip itself is very short, and the amount of casinos and points of interests was pretty low. However, It kinda made sense of its state on Fallout because of sake of performance and space. Freeside also could've been a bit bigger with its unused space used more effectively. And maybe perhaps New Vegas could be bigger so more districts can be made for realism. The Mojave Wasteland also could've been bigger and better with more settlements, longer roads, a bit better exploration, etc. However, even with the flaws made, the setting still was nice to admire.
P.S. Maybe Obsidian/Bethesda could've implemented of people actually walking to the Strip, either from beyond the Mojave or Inside the Mojave, as The Strip clearly is a place for fun, entertainment, and a great waste of caps