This is absolutely awesome. It's a giant ferris wheel that gives you a great view of Tokyo. You can even see the giant gundam that was just erected in Odaiba. It's a very nice way to end a day of shopping in Venus Fort. If you have the opportunity, go when the sun is setting. It's a beautiful sight.
The Palette Town Ferris Wheel was the world's largest when it opened in 1999. It is still a defining part of the Tokyo skyline at night - the spokes are outfitted with bright neon lights that sparkle all kinds of patterns. Tickets are 900yen for the fifteen minute ride. You can choose between standard eggshell carriages and trippy stand-up capsules that have a glass floor. A rowdy group of college girls in front of me chose the latter, I chose the former.
The ferris wheel doesn't stop very often; you board and get off while it's still moving, which is nice when you're up in the air. A speaker politely welcomes you to the ride in English and Japanese before leaving you with quiet 80s jazz music. I compensated by turning up Simon and Garfunkel a little louder on my iPod. I know it's perfectly safe, but it's a long way down, and my eggshell rocked back and forth quite a bit. I'm not afraid of heights though. The view from the top is really quite beautiful, especially at night.
Palette Town Ferris Wheel is located near the Odaiba malls to, so it's a nice place to go after a few hours of shopping.