This wonderfully modern and chic hotel was a great spot for my friend and I when went to Melbourne to attend a special event. The hotel was convenient for our purposes and walking distance from great spots on South Bank. We also walked to the nearby DFO for some shopping. However, it might be a little inconvenient if you are aiming to be in Melbourne city "proper". Due to the cold and our heels, we tended to taxi it in. It can be walked, of course, but might not be the best way to do it for most people. That would probably be the only "downside" I could identify.
The room and amenities were great. We meant to use the gym but never did! The staff were very friendly and helpful. Oh, and we loved the selection of complimentary teas.