I stayed here one night last month and don't think it offers good value for money compared to the Towers level of the Sheraton. At our corporate rate, at least, the W is between HK$300 - HK$500 higher than the Sheraton for a Towers level room and the W does not provide the free breakfast, evening drinks/snacks, laundry and free Internet access that you get with the Towers package. The view is much less interesting and the location is nowhere near as convenient.
Also, the W does not provide either a free loaner adapter or (which is just shocking for a new hotel) have universal power outlets that can accomidate an American three-pronged plug. There is an adaptor for sale in the room. They finally found one for me when I told them in no uncertain terms that I was checking out and moving to the Sheraton if they could not secure me a loaner adaptor.
The W room was bigger and better appointed (minus the power outlets), but it just does not, IMO, offer value for $ compared to the Sheraton Towers.