Easy:
North Lake Tahoe
North is much more balla than south shore. Its where the rich ppl from the Bay Area come, while south is where the poor college kids go.
Skiing
Awesome! Squaw Valley is so sick. It has a great village w/ bars, cafes, restaurants, etc... and great skiing. It is hard to pput into words how big this place is. You can prolly ski a week w/o going on the same trail. Night skiing as well incase you have trouble waking up early.
North Star:
Prolly even better village. Tons of stuff to do there, though I am not as acquainted. The village on the mountain is much better than Squaw's b/c it feels much more cozey. Skiing here is great too, prolly half 2/3 size of squaw, but still huge. They constantly develop it to make it better, unlike some resorts.
Other nearby ski resorts:
Alpine Meadows (very big)
Homewood (smaller, and less crowded)
Sugar Bowl is a bit of a drive, but not too bad. It is known for its great snow (much higher base altitude)
Diamond Peak: kind of [censored] IMO, but if you stay near it, you will be much closer to the casinos (Reno, north state line, and south shore). Amazing views though of the nevada desert from the peaks. Worth the view IMO; you see a desrt on one side and you see snow covered forest w/ lake on other side.
BTW you can also see this if you go to Heavenly Vally, the biggest mountain in Tahoe.
Gambling:
Obv South shore wins, but IMO I dont go to tahe in winter to gamble. Now, that said, you can drive (maybe 1-2 hour depending where on north part you at and wht time your driving) to get to the big casinos. I dont like the atmosphere there, but you will action. State line (north) has some low class casinos, that dont spread poker. If you need a slot machin or BJ fix, they are suitable.
Next option is to drive to Reno (prolly 1-2 hour also depending on weather, etc...).
Activities
I'm guessing south might have more activities suitable for young kid, like maybe a few clubs, w/e. North would be more for like 30+yo demographic and family demographic. Incline Village is kinda shady IMO, but has all teh casinos. Tahoe City is super nice, but offers little besides restaurants, small bars, and nice views. IMO youd have to hit up either the Village @ Squaw or Northstar to find college type of atmosphere. Maybe even a club or something. But I cant imagine south shore is crakin like crazy either, IDK.
High Class
http://maps.google.com/maps?q=Tahoe+CIty,+USA&sa=X&oi=map&ct=title
IMO the best places to stay are from Homewood (on the west side) up to Dollar Point (north west) this region gives you many options for skiing, keeps you close to city life, and keeps you in a nice neighborhood.
Now, home prices have plunged in the last year I believe, and by "high class" I dont mean you need 1mill to buy here. I'm guessing you can find a decent 2bed 2 bath cabin for maybe 500k. Although 700k would prolly ensure that its not a POS.
HOwvere, IMO: renting is by far the +EV move here, b/c IMO renting out when you are not living in the house will not be even close to covering the mortgage payments. IMO it is best to pay 1k-5k a week(or 20k if you and your balla friends wanna live like kings?)in the winter. Owning here would not be a good RE investment IMO, simply b/c the prices are sky high, and the market that rents only rents for seasonal purposes.
Lots of times I'll talk to ppl who are filthy rich as I am sitting on a chair lift of gondola. I have even gotten high w/ a dude on a chair lift, as he was kind enough to offer me a free toke out of his pipe. Its really a mixture of pleasant ppl. And I have always seen it as an extension of San Fransisco in terms of atmosphere and friendliness.
Lastly, there are lots of hot girls.
Other random pictures to convince you to come to Tahoe:
Sidenote: most extreme weather conditions I have ever felt in life @ 8600ft altitude. Roughly 140-160 MPH winds at the ridge of a peak I was on. It was blowing off all the snow , and visibility was about 15 feet. You could not tell which way was up down or left, b/c the wind was pushing you so hard that you could not ski down (w/ gravity). They closed the upper part of the mountain. Was an amazing experience, total adrenalin rush.