Stayed at Playa de Oro in January 2013 for two weeks. Location is very central: the beach, 5th & Alton shopping center, museums, children's playgrounds, Southpointe Park are in a reasonable walking distance.
The property itself is nice and clean. The amenities are good as advertised, you get what you pay for and it is totally worth it. Having been in South Beach before, I especially point out parking possibility onsite, which is included in the price. Parking on South Beach is expensive and free space is difficult to find. Playa de Oro is extremely convenient.