Love Hilton Tower Bridge
Have not stayed at the Waldorf -- but was recently at Tower Bridge last April.. Waldorfs are the best but sometimes even at Diamond you do not get the "perks" that you think you will get...
We stayed at the Tower Bridge for 3 nights and it was the best -- their lounge is great for both breakfast, snacks, and evening appetizers, plus any drink that you want...
Yes, it is not downtown like the Waldorf, but once you learned the underground, its not that far, plus you are really close to London Tower.. and lots of nice little pubs/restaurants right on the river are in walking distance..
Really depends what you plan to do while you are there...