A group of us booked a couple of rooms for a weekend and were pleasantly surprised. Rooms were spacious and included a small kitchenette, that we may have used if we were staying for longer (or if I was in Melbourne for work on my own and wanted a relaxing night in). The tvs were a good size and directly opposite the beds. We were in room 1908 and had a lovely view of the CBD from our floor to ceiling windows. The other pair were on level 18 and said their view was not as good as they looked into another apartment complex.
The bathroom/wet area lay out was a bit unusual. The toilet and shower were co-located in the bathroom but there was no bench space or basin in the actual bathroom. Just a towel rail and a single hook near the door. The basin/bench was outside, opposite the kitchen. Perhaps it was to make the area more spacious, but it felt a bit odd. You have to be good friends to feel comfortable doing all your morning ablutions in front of each other, and if someone wanted a lie in while the other person wanted to get ready for the day, it was a bit disruptive as the lights had to get switched on to be able to see yourself in the mirror. Overall not a big deal, but a bit disconcerting.
As everyone else says the other big selling point is the location which is fabulous about 100m or so from the end of Bourke St mall, near the theatres and Chinatown. Quick walk to Fed Square and even the NGV wasn't that far away. Despite being in the middle of everything we didn't hear any outside noise overnight. The fact that you could control the temperature and fan speed of the air con in the room was a big advantage as well, given that the windows don't open. I'd stay here again, but only with people I knew really well or on my own.