I was there in Oct. '07 for 3 nights. I was upgraded to a 2-room suite as a Plat (without asking), 3rd floor right above the hotel entrance. The room definitely needed renovation. I don't know if this was only for the suites, but there were the usual Le Meridien amnities, then there were additional Hermes amenities. The SPG buy two get one night free deal worked out very well, considering that SPG hotels in Milan were all relatively high priced.
The location is right next to the train station and quite a ways from the Cathedral and main shopping areas in city center, but only a few subway stops, and in reasonable walking distance. It's actually more convenient getting to and from the airport. The airport bus stop is on the other side of the train station, a little walk.
There are a few restaurants across the square, including a very nice and inexpensive pizza place that had tourists from all over Europe.
I would recommend this hotel, especially after renovations.