My two girlfriends and I stayed there this past weekend and had a great time at the Shore Club. Our room was pristine, the bathroom was really nice, and we were completely happy with the size of the room. We spent an entire day by the pool racking up quite a bill at the Rum Bar (for some pretty weak drinks) but we had seats in the sun, so we were fine with it. Order beer, at least you know how strong it is. Also, someone from your party needs to get out to the pool early and reserve chairs on the sunny side of the pool. They will hold them for you, but you have to get out there by 8:30am.
The only major complaint I had came on Friday night of our weekend. Two of us walked down to Nobu without a reservation, and we were told it was going to be a little bit of a wait. The hostess asked if we would like to sit at the bar and get a drink while we waited. We didn't mind at all, and ordered a round. As soon as the drinks were put in front of us, the hostess came back and said that we could sit at a table in the completely-empty lounge area if we liked. That was fine with us, but it was completely empty, so why didn't she just offer that up from the beginner? This would have saved us a $38 round of drinks that we would have preferred to have enjoyed with our sushi. I really felt like she was using this tactic to get us to order a round and spend more money. We were annoyed.
Other than this one issue, everything else was pretty flawless about our stay. We enjoyed the pool and the scene during the day, and the prices were probably on-par with other nice places in South Beach. Its expensive everywhere. When we go back, we'd probably try another hotel though just to mix it up.