My most recent stay (last week) was at a Sea View room. Although one can readily see slums from any room at the FS, the Sea isn't that far away and easily viewable (no its not a close-up, but one does not need a telescope or binoculars by any stretch) as one may think, but its plenty nice (full disclosure: I'm of Indian origin and have been visiting India since I was a kid - used to the slum views). No its not the Mediterranean or Thailand, but hey its Mumbai. There is also a decent view of the race track in some rooms (mine had that too). The new rooftop bar is nice (though I rate Dome at the Intercontinental for more comfy seating), with views and a rich/businessy crowd but an unpretentious waitstaff.
The service was once again, great, and a nice bonus was that after checking out, one is welcome to use the pool, shower and spa facilities until 10pm the day of checkout, something I didn't know about until the day I left, which was most useful. They are still running the 2 nights, 3rd night free promotion which brings the average nightly rate down quite a bit and makes it very competitive on a price/quality basis when compared to the Oberoi (last I checked) and others. Given its location and the rates, I'll probably stay there again with no complaints, unless I can get my company to swing the Oberoi (fat chance) to check out renovated rooms.
I did get to drop by the Oberoi and the pool was a major upgrade (even had a model who was doing a bikini shoot that afternoon
) over its predecessor and with a nice view, though not as well laid out as the FS (on the plus side it seemed to lack the pigeons at the FS). The new lobby is very nice and I think the Red Piano is a nice touch, but sadly I think the lobby has a bit more of a cold/corporate feel compared to what it used to be. The coffee shop is nice but once again, I was nostalgic for its predecessor. Food is of the same high quality though (I especially reccommend the kebab platter). Didn't get to try the Michelin starred Indian restaurant since I was in shorts (no meetings that day).
On another note, I am sure the Taj will be a treat once all the work is done.