Reviewers, for the most part, have praised the show's dancers for their artistry and skill—in particular, singer Lorena Peril has been lauded for having a strong voice with wide range.

[11] While Las Vegas properties targeted experiences to families in the 1990s, Midnight Fantasy was part of a trend in the early 2000s for resorts to try to attract a new, more hedonistic customer base.

[6] MGM asked that long-time performers comedian Carole Montgomery and tap dancer Lindell Blake be excluded from the show which Mann implemented.

[24] In assessing the changes, Las Vegas Sun reviewer Jerry Fink found that the movements and several of the outfits were "funkier" and gave off a music video vibe.

[27] Fantasy performed continuously from its founding until December 2013 while its venue, Atrium Theater, underwent nearly three weeks of refurbishments and the installation of upgraded sound and lighting systems.

[10] In the next act, disco music was played, while the dancers were clad in neon G-strings, wigs in many hues, and unfastened vests with feather adornments.

A vocalist sang "Why Haven't I Heard from You" in a segment depicting cowboys and rodeo activities as performers wearing vibrant red chaps danced.

[10] In a following act, the dancers wore the blue pinstripe suit attire of board of directors members which they remove to reveal jewels and black bustiers.

[48] In his 2005 assessment of the dancers, Las Vegas Weekly's Abowitz agreed that there were a mixture of statures and body types but found that blonde women were overrepresented.

According to Weatherford, the show was "fairly unremarkable" in its 1999 debut but that Anita Mann, the producer, and her team had discovered the optimal mix of "titillation and touristy corn pone" to capture the interest of couples.

[60] Travel writers Bob Sehlinger and Seth Kubersky said in 2023 that although the show touches on the sensual topics of bondage, dominatrix, and lesbianism, it does not ever have X-rated content.

Noting the dancers in every act were clad in uniform outfits and wigs, he said that made them like "interlocking droids" who were blocked from showcasing any personal style or sex appeal.

[18] Las Vegas Review-Journal reviewer Mike Weatherford said in 2000 that with Martina's high-energy dance routines, the show stayed vibrant and entertaining though it minimized erotic undertones.

[95] In a 2004 review of the show, the Las Vegas Sun's Jerry Fink lauded Martina for masterfully creating dance sequences that showcase the dancers' physical attributes without crossing into indecency.

Saying the show had "Broadway-caliber choreography", Las Vegas Magazine reviewer Kiki Miyasoto praised the performers' "athleticism, dance skills and siren-like ability to turn on even the most prudish".

[19] For the 2023 edition of the calendar, the Fantasy dancers collaborated for the first time with fellow Luxor performer Carrot Top at the Liberace Museum Collection.

[80] Las Vegas Weekly writer Mark Adams said that Folies Bergere at the Tropicana and Lido de Paris at the Stardust set the stage for several dozen women revues like Fantasy.

[104] The Las Vegas Sun's Joe Delaney said the Crazy Girls revue, which premiered in 1987 at the Riviera, set the stage for other shows like Fantasy, Harrah's Skintight, and Plaza's Naked Angels.

Whereas Fantasy and Skintight had high-end outfits, live vocals, and dancing, Crazy Girls and Naked Angels were "more overtly erotic" in their striptease acts.

Weatherford commented that while Fantasy featured women who are "Americanized" and "individualized", Crazy Horse Paris was "all stylized and sleekly European with its aloof, symmetrically matched dancers".

[109] That year, he compared the Westin Casuarina's Burlesque --The Show with Fantasy, saying the former was produced on a tight budget so chose to revert to the original style.

Weatherford said the shows both featured the comic relief commonly associated with Las Vegas in its earlier years as well as performers dressed in cowgirl hats and Daisy Dukes.

Paskevich wished the show was more innovative, writing, "hipper music and edgier moves, wigs that don't look like hairy shower caps, and doses of mirth would lighten the mood and make Midnight Fantasy seem less of a breastfest."

"[18] In a mixed review in the month Midnight Fantasy debuted, Joe Delaney of the Las Vegas Sun wrote, "Good taste and excellent performance and production values notwithstanding, we still had in-your-face T&A from start to finish.

"[10] The writers Larry Ludmer and Avery Cardoza liked the dancers' "grace and talent" but criticized how the production missed "elaborate staging".

Fink called the costumes "sexy", the dance sequences "tantalizing", and the show "classy", concluding that the producer "knows how to walk the line between sleaze and cheesecake".

[69] Steve Friess of the Los Angeles Times penned a negative review of the show, writing, "the women seemed to be trying too hard to seem sexy", "the sets were uninspired", and the singer Angelica Bridges did not perform well in singing or connecting with viewers.

[65] Travel writers Bob Sehlinger and Seth Kubersky gave Fantasy three stars, saying that it showcases "a tasteful, glamorous smorgasbord of sexual scenarios" and has "high-quality production values—from script to set design to sound".

[114] The Las Vegas Magazine named Fantasy to its "Hall of Fame" in 2021, praising "its successful formula: a cast of beautiful and talented dancers, a powerhouse host and vocalist, and just the right amount of scintillating and sexual tease".

[116] Haute Living reviewer Tita Carra liked how the show catered to a diversity of audience members and praised the skilled dancing.