I stayed at the Sheraton Bal Harbor last July. (On a free Friday)
My opinion: The building looks kind of old from outside, lobby and pools are OK, the rooms unfortunatley don't face the ocean.
We did not eat in the restaurants, so I can't tell you anything about the food.
If you want to get a beach chair, you have to pay for it (~$20/day ?)
One thing, the place was extremely crowded.
I wouldn't pay for my stay out of my pocket, a free Friday or business trip is well worth it though
There is an exclusive mall right across the street of the hotel.