I stay there on a regular basis (when corporate hotel $ allows). I was there 2 weeks ago and the front desk said they would be opening the new lobby in a few days with the grand reopening in a couple of weeks.

I did a short timelapse from my room over the bay- you can see the video here http://vimeo.com/17082445 The view from the lounge is great!

There is an Italian restaurant (Primos) downstairs in the "mall" that has great food as well as Tony Chans Waterclub (great Chinese and sushi)