As so many other have said too, the Magnolia really does live up to the reviews. We stayed here for four nights during our honeymoon in Argentina and we had a lovely time. The hotel is beautiful, for starters - the lobby and library/lounge area are stylish and charming, and really make great use of the beautiful old BA building it's in. Our room was on the first floor which was very convenient, and had its own private patio - a nice extra touch. We also spent a little time on the rooftop terrace, which is a beautiful setting as well! Our room was lovely, classy, and clean, and the bathroom was very nice as well. I thought water pressure might be an issue in such an old building, but in fact it was really impressive!
Everyone gets a free glass of wine sometime during their stay, and the breakfast was delicious - we stayed elsewhere in BA and Argentina on our trip and this breakfast beat all the others by a long shot. They even made mate for us - not sure we would have gotten to try it if we hadn't stayed there! And the staff was just tremendously friendly, warm, and helpful, making us feel right at home when we arrived late at night from Mendoza, and helping us set up tango show reservations and get tickets for the boat over to Uruguay. The location is just a few streets away from the action in Palermo, but the street is quiet and tree-lined, and there are still cafes (and some very good ice cream) nearby. We felt right at home here and I would not hesitate to recommend it to anyone or to stay there again - many thanks to everyone at the Magnolia who made our stay special!