Yes, located in CP, in the heart of New Delhi, the location can't be faulted. The quality of food, service, front of house staff, efficiency etc. is exactly as you'd want and expect from Le Meridien and I'd have no complaints. 4 star by European standards... trying to be more, but not getting there.
I remember staying here in 2000 and was really impressed, but today the rooms look just a little jaded (not much... just a little). Maybe that is why the rooms are more reasonably priced than you'd expect?
If I did have a complaint, it is merely that the food and drink is really expensive. The quality and taste is fine, but it's just too expensive and it leaves you with a bit of a sour taste of the hotel which is sad. However, is it enough to put me off coming back? Probably not, but I'd make some arrangements to eat elsewhere if possible.
One practical detail for those arriving by plane: the (safe) licensed radio taxi from airport to hotel (note the direction) cost around INR 800 and took me about 25 mins.