Thanks for your insight sdsearch. I've stayed at the Sheraton last August and believe me the view was absolutely breathtaking. It is the closest hotel to the waterfront. Both the Marriot and the Embassy Suites also have beautiful views but from a completely different angle and set back further from the waterfront (as you correctly pointed out), and based on the many reviews and the fact that I've been there, I will still go with the Sheraton. I'm also going to stick to it because we won't be having a car and it is just much closer in proximity to the things we want to have access to, i.e. arriving through the Rainbow bridge, Clifton Hill, bus routes, etc. We're also going to keep the bi-level suite for now - I did see images when scrolling through customer images on Trip Advisor and it looks to be more suitable for a family travelling with 3 children, more so than the one room Canadian Falls Suite - although it is also large, it is still just 1 large room that everyone needs to share.

Thanks again!