It's several hours from Las Vegas and I would not suggest trying to drive it. Stay at the park or right outside the park. It depends on what time of year you will be visiting but it's really quite easy to figure out where to go...everywhere. In Bryce, you are on the top of each facing canyons. It's all about sunrise there. The visit center is a really good place to get started. In my mind there are two halves to the park. The northern half which has lots of things to see like the visitor's center and the old lodge (great food by the way), is also the place were you can walk along the rim trail for miles visiting various points (Bryce, Inspirations, Sunrise, Sunset) are all close together and provide awesome views. South of this area, things get a bit higher and farther apart. I'd allow 1/2 day for these southern points - I liked them all. We were fortunate that when we were there they had a free bus service which was great for these southern points. Check at the visitor's center about that.
The classic trail (to me) is the Queen's Garden to Navajo Trail. It loops down from the rim near Sunrise Point (as I recall) and returns up 'broadway' a slot canyon to Sunset Point. It's well worth it. I was at Bryce in October of 2011 and really loved it.
My better images from that trip which included Zion and some other places are here:
http://www.flickr.com/photos/blackcloudbrew/sets/72157628019439127/
Enjoy.
I mean stay at Ruby's Inn.
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