We just got back from the Loews South Beach. We were first there for 2 night (2/19 - 2/21), then returned early (from the Keys) for an additional night because we loved it and South Beach so much.
We had a Premier Double (2 double beds) room which has a small balcony and full ocean view. Just to point out, we did have full ocean view but there is a full rooftop with a nice design right in front/below us. If you want only ocean and beach view, I think the category you want is oceanfront. The room was fine. The staff was all so nice and attentive. One thing to note is that there is a 20% gratuity included in everything you do here which surprised us since we often wanted to give more because the great service but ended up not doing it since 20% is very high.
The location of the hotel is perfect. It's located on 16th Street and Collins Ave and in the heart of the Art Deco district. Entrance on Collins and back of the hotel is on the beach. Walking distance to Ocean Drive, Lincoln Road and Espanola Way which are all areas you should see when you're in South Beach. The nice shopping district on Collins Ave is further down by 5th ave which is walkable but a quick cab ride works too.
There is a fee for chairs and "tents" for the beach which is quite expensive ( $15 per hour or $100 per day) This is not part of the hotel but a separate service. Crazy prices. The hotel itself is not cheap but we felt that the service and location were "worth it"
We will be back!