I go there very often, but stay with friends. So I can help with the bars and give you my somewhat dated info on the hotels.
The Friday afterhour place is at Wang's. They have a great patio. Can get packed. The food there is pretty good as well. A lot of guys then head to El Merasol - a simple Mexican place nearby that serves killer marqaritas.
A fun place to stop in is Spurline. They show comedy, movie and TV clips on about a dozen large screen tv's. I can only take about an hour of this.
Hunter's is THE big bar and dance club there. Nice big bar, lots of TV's, good music and a seperate dance floor. The place can be a little intemidating, as about 3/4 of the crowd is the pretty boy groups from LA.
Also, Tucans in North PS can be fun. It has a tropical theme - dance floor,etc.
More laid back.
As far as the hotels, some are very nice - some are not so nice.
The smaller places tend to be nicer, cleaner, etc. The bigger ones - such as Vista Grande seem to accomadate the horny taveller. They have little paths for guys to get it on, a steam room, etc. They even sell day and nite passes. (To me, that sort of gives it a bathhouse feel).
There was recently a big sting in town involving cops intraping guys who were lurking around out front of the hotels. It ended in a mess, with the police chief getting fired and so, on. Long and short of it, I wouldn't recommend trying to pick guys up late at night in from of the hotels.