Rio is not on the Vegas strip, but it's not far, but you will still need a car or a taxi to get to it. Rio has the best morning buffet in the world! It's world famous, and you can really have anything you want, from lobster to steak to toast to milk shakes to pizza. They have it all.
As for the casino, it's just ok. The thing Rio uses to pull people in is the Mardi Gras parade. Floats from overhead float around the casino and people throw beads, and the whole thing is rather a grand show. So it is worth the trip just to see the parade. And yes, children can see it as well.