We recently stayed at The Iron Horse Hotel for three nights over a weekend. The hotel itself came as advertised - it has a modern, dark lobby with a bit of a motorcycle theme and exposed beams and some metal, reflecting its warehouse past. We opted for a larger room - although in retrospect it was a poor choice, because the room had a very poor layout and a big empty space in the middle of it. Although there was both a desk and two comfy chairs around a circular table, I would have expected a sofa or something to sit on to watch the TV, other than lying on the bed.
Quick note on the room - the furnishings were fairly comfortable - although generally it felt like they cut a few corners. The curtains were not real blackout curtains, so if you're a light sleeper, it's pretty annoying to wake up early because of the sun streaming through the cracks. The bathrooms were OK - although fixtures seemed like they were only of moderate quality. Also, as with a lot of other reviewers, they sort of don't provide enough towels which is exacerbated by the lack of turn down service. Finally, there is a bit of outside noise - and the walls/floors seem thin - luckily we didn't have loud neighbors, but we heard walking, and the occasional voice/clatter from next door or above.
That said, the outside patio bar was great - so no need to sit in your room watching TV. The food was great and a nice selection of beers with some good local microbrews. The service was OK - but not spectacular - which probably has more to do with training than the actual staff. On the Friday and Saturday nights, which are their busy nights, it felt like they overstaffed - so you would have staff chatting with each other, which is fine, except when you are trying to get served... We must have looked like locals, because every time we spent time there they just assumed we weren't staying at the hotel and never gave us a pen to charge to our room. Also the few times we ordered sandwiches, they never came with the McClure pickle as advertised, which was a disappointment as my wife actually purchases them by the case and we were hoping to see a friendly pickle.
To sum up - this is a good hotel, not awesome. If I could, I'd rate it a solid 3.5, but not higher. I'd recommend it for a night or two if you're passing through Milwaukee and a solid sleeper, mostly because the patio was so pleasant. It's dog-friendly which we could appreciate. With some room and service upgrades, I think it has room to improve (the front desk service and valet were both excellent - it was more the restaurant service that was subpar). Final note on the gym - it was serviceable, but more of an afterthought. The equipment seemed more home-grade than gym-grade - but everything seemed to work.