My wife and I stayed at The Hotel Wilshire for two nights last summer at the end of our Southwest USA trip.
The first thing we noticed about the hotel (from the outside while driving up to it) is how modern and stylish it looks. Of course, the hotel is still relatively new (at the time of writing, it doesn't exist on Google Maps Street View) so that explains a lot. This style continues inside the hotel as well, with a nice-looking lobby and very nice rooms (and bathrooms). For me personally, this matched quite well with the expectations you have of LA before visiting. The beds were also very comfortable and free WiFi was available in the room.
The rooftop pool and bar is simply stunning (there's a reason it has appeared as a meeting spot in some reality TV shows over the past couple of years). You are provided with a great view of Los Angeles area (including the "Hills" and the Hollywood Sign)! I ventured to the rooftop on the first night we were there and did find myself feeling a tad bit uncomfortable as it seemed like the rooftop was full of models in fancy clothes drinking cocktails... but if that sounds appealing to you, I'd go for it. We returned the following morning and the vibe was much more laid-back.
There is mandatory valet parking at the hotel at a charge. If that's not your thing, you'll have a hard time finding affordable parking nearby. We were reluctant at first but decided to agree to the valet parking in the end as it seemed like the safest and cheapest option. We didn't regret it though, as the attendants were friendly and provided good service.
We appreciated the service at the front desk as well. Due to this being at the end of our month-long trip of the Southwest, our credit cards were apparently near maxed out when we attempted to check in. The ladies at the front desk were understanding though and agreed for us to pay a deposit in cash and to pay the rest at check-out time, which worked out fine.
As for the location of the hotel, it depends on what you're looking for. You're across the street from a Subway (for a quick breakfast) and a few blocks away from the LA Brea tar pits. You're also only a 15-minute walk away from The Grove (outside mall) and next to that, the Farmer's Market (an abundance of options for a meal or a snack), with a large Whole Foods across the street from them. West Hollywood is also only a short car drive away.
However, if you'd like to visit (e.g.) Venice Beach and Santa Monica often during your stay, this might not be your best option as thanks to LA traffic, it takes far longer to get there than you'd expect. I do believe the Hotel Wilshire is a fine 'home base' though if you'd like to visit different parts of the outstretched LA area over several days without having to drive too far to reach your destination of the day.