I stayed in the Como Suite (usually $2400 a night - last minute got it for $1150). It is a two storey apartment with a 4 person spa in the middle of the lounge - extremely impressive. The staff and amenities are first rate and service is superb. I can recommend a stay if you would like a romantic getaway amongst the hip South Yarra landscape.
While it is very nice, its attention to detail that you could expect from a 5 star is lacking. Not a shop stopper but grubby hand marks over the banister, CD player and piano really feels like it is second rate. The balcony could have been swept of dirt and leaves and the cigarette burned lounge suite could have been repaired. Handles in the spa are lose, remote controls are grubby and front door is scratched and worn. The scuff marks on the walls need to be repaired before this hotel could command the price tag.
I had an issue with the night manager about noise. He visited me as a result of my music and also phoned when he claimed to have received complaints from neighbours; even though I had turned the music off for a while. I really was not that noisy so I think it might have been over the top.
Apart from all of the above it remains a good hotel but has work to do to become a great one. All in all, I would return for a night away.