A lot of what you wrote is common misconception when it comes to Dubai, maybe more on the money with other gulf countries such as Saudi and Kuwait but Dubai is nowhere near the same.
The recession hit yes but the worst is behind Dubai now, incredibly they've learnt from it to a point. Check out the profits for Emirates Airline and the amount of money Dubai makes out of tourism. I assure you shopping centers are far from empty, in fact more are being built, and although right now there's still more supply than demand in terms of purchasing property, the rental rate is no longer dropping and has evened out - yet the cost of living is still slightly higher than that of London. If anything what has happened is that Dubai has hit a realistic level rather than the overpriced one it had before. Developments have now even restarted again.
Anything built by Nakheel Properties was ridiculous, and that included the World. On the other end of the spectrum there's Emaar Properties who built the Dubai Mall and Burj Khalifa as well as a number of successful residential areas.
Even though it feels 'fake' as you put it a lot of Westerners are still desperate for jobs in Dubai, why? No tax. Simple. Imagine living in London but with better weather and no tax on anything, that's what it offers. Sure you don't get the history but there's plenty to do and don't forget the location means easy access to Asia, Africa and Europe. Those who do come and work don't end up staying too long anyway yet many others come and start a family.
You can walk on the beach with a bikini (if that's what floats your boat) and you can get alcohol very easily in Dubai, google a Dubai brunch and you'll be amazed how much the hotel industry is catered around drinking. As for facilities, you can find pretty much anything, you can even ski and sky dive
The 'restrictions on personal behaviour' should be a selling point here. You don't get lager louts in your face on the street, or people effing and blinding in public in front of children, it just doesn't happen. As long as you are proper and don't cause any problems (i.e. look for a fight and start swearing at randoms) you're fine.