L'Hotel is in the same vicinity of Metropark Causeway Bay. It's newer.

Yes, the Parlour room is very big. That's one thing that I really like about it. It's almost like a small studio apartment minus the kitchenette. If you stay in the Parlour room, you will also have access to the Panorama lounge with complimentary drinks and snacks.

You may also want to consider the Marco Polo Hong Kong Hotel near the Star Ferry on Kowloon side. The renovated rooms at the Park Hotel, near Tsimshatsui East are also not bad. Other mid range hotels that you may want to check out includes the Royal Garden and New World Renaissance, both in TST East and the YMCA Salisbury and the other Langham, both in TST main.

I agree that the Mira is somewhat overpriced.