Rich, the Edgewater is the only waterfront hotel in Seattle. The lobby is very nice as described, but the rooms are very small and tackily decorated for the price. If you want to stay in Belltown I would recommend the Inn at the Market. The Westin, Sheraton, and W are also all very nice, the first two being right in the heart of the shopping district.
Hunnybear and I gave notice on our apartment yesterday and will likely be moving to LA in the near future.