Sorry to be a voice of dissent, but it's a good idea to look at the Hyatt's review thread here. All the above is true, and there still can be this one problem: In my own experience and others', the treatment of Diamonds can be inconsistent, and not according to Hyatt policy. As an example, they've been known for the policy of upgrading to "the next level above what you paid for", rather than the best available room -- which can knock you out of Regency Club, ocean view or even access to the RC lounge. This happened to us. Also, the last room we were assigned, following this interpretation of policy, had not been renovated in quite a while. This was almost four years ago, perhaps different times in a few ways. (Meaning especially that availability at the upper end might be a lot better now.)
Also, they came under new management a year or two ago, so that might have cured the problems cited in the review thread. I had heard from a front desk person at the HR SFO that their very good GM (in his and my opinion) went there, but I think I was told here that there was a rotation.
All this said, the location and facility are very nice, and a couple of today's Diamond suite upgrades might make the cited issues moot if there is availability.