Just finished up a weekend stay here. Construction is currently ongoing around the vicinity of the hotel.
As platinum, I was upgraded to a suite on the 5th floor. A slight annoyance was that there was only one toilet - in the powder room near the entrance. The bathroom adjoining the master bedroom had a shower, seperate tub, and double sinks, but no toilet.
The hotel and hotel bar was very nice, but we didn't spend much time using many of the facilities. The business center offers free internet terminals.
As for the location, it is about as close as you can get to the Grand Place, and across the street from Gare Centrale. If you want to be in the city center, this is a pretty ideal location. That said, Sheraton Brussels is only a 10 minute walk to the center.
The Sheraton Brussels does not have suites, but does have a club lounge. The Le Meridian has suites but no lounge. Le Meridian decor is nicer than the Sheraton.
For me, it's somewhat of a toss-up between the two. We are planning to go back and are electing to stay at the Sheraton Brussels because of the lounge - its nice to have a place outside of the room to hang out.