My Cirque-loving Beatles friend absolutely hated LOVE. But most people I know liked it well enough.
And yeah, Avenue Q flopped out of the Wynn back in May. The full-length broadway production didn't match the economic realities of the Vegas strip and the numbers didn't improve once they cut the show a bit to make it more Vegas-standard. Spamalot (a trimmed version) will open in the theater early next year.
Here's a good recap on it from last April.