Stayed in the hotel in Dec 2012. The hotel is modern, the room we had (facing the river, 4th floor) was large and well appointed. The a/c worked well, as was the wifi. You need to tolerate the power outages which are common in Myanmar. The large bathroom was clean and had all the regular amenities. Watch out though when you take a shower - if you don't watch it you'd flood the bathroom! The rooftop terrace and restaurant are the jewel of the hotel. Great to have a drink and watch the sunset. The only exception - the lighting at night which is terrible (but so it was at every other place we've been to in Myanmar.)
The river front is commercial with a shanty town, beached commercial boats, open storage areas, people cooking, trucks loading and unloading and an overall feeling of chaos and purpose. The worst part - the noise from the river front and the road alongside it. It starts at dawn and doesn't stop till late at night. If your room faces the river then be ready for it. The hotel staff is aware of the problem and offered us earplugs!
The hotel itself is located far from town center and getting to and from it is difficult.
I paid $45 per night (inc. breakfast and free wifi) which was an excellent deal for what we got. The bottom line - I'd give it 3 and a half stars.