My standards? Mine are subjective and probably get too much into how elites are treated, something that is probably considered a lowbrow topic at a 5-star hotel... You'd be better off looking at someone like Mobil or one of the European hotel boards: they have defined standards and well-publicized ratings. Globally, maybe consider one of the major travel magazine "Top 100" type lists.

Anyway, of hotels I've visited that probably score a 5 in most reputable rankings: St. Regis NY, Ritz-Carlton San Francisco, and the Peninsula Chicago. I haven't spent much time in the world's top hotels to be honest. If I'm paying with cash, I'm more likely to book a small boutique than a super-luxe hotel. If I'm paying with points, I'm more likely to shoot for a 3-star or 4-star - the higher end of the major programs but not quite the St. Regis or RC level.