I have stayed at the Stamford Plaza on Little Collins St twice now, 7 years apart. I must say it hasn't really changed.
Everything is there, it's comfortable and the service is good, but for the price you pay, I would say this is not value for money. Having just come from the Hilton in Sydney, which I paid just $20 extra per night for, the downward difference was quite noticeable - everything seemed a big step below what I found at the Hilton.
Rooms are certainly bigger, and have a kitchenette - but I'd rather have a better quality smaller room to be honest.
Rooms are quite an odd mix of modern (flat screen wall HD tvs are great!) and old (bathroom fittings etc) so it felt a little eclectic.
Location is fine - close to everything that matters in the CBD.
Room service took almost an hour to arrive late in the evening - not up to my expectations. A $15 dessert turned out to be absolutely miniscule.
Pillows are large and (in my opinion) too soft to give a good sleep to those who prefer firm pillows.
I am reasonably intelligent but could not work out how to set the alarm properly.
Overall I would not stay at this hotel again - I think there are better value options in the CBD.