I stayed at this hotel about a month ago and was pleasantly surprised. Now it has been ages since I've been back to Paris and had never stayed at any of the other Starwood properties. FT and price dictated my stay at Le Meridien Etoile.
At the Preferred checkin desk, a lovely young lady (Hannah) checked me in and when I inquired about any Platinum upgrade, she asked me to wait and went to the back room. After waiting about 15 minutes for her return, she apologized and informed me that the room I was assigned to (new Executive room) was the maximum upgrade available. I believe she did find a suite or better room and checked with management who squashed that idea. Any way, I really did appreciate that she made the effort in my eyes and I was well aware from FT that upgrades here are pretty hard to come by.
The new Executive room may be a bit small but comfortable and Thomas' pictures should provide a good feel for the room. As for the hotel, it was important for me to near the metro as anyone knows that one can go anywhere in Paris by metro and it is simply down the block. The Arc de Triomphe is a 10 minute walk (roughly 6-8 city blocks). The Air France bus which stops right in front of the hotel was extremely convenient. I would definitely consider returning to this hotel.