Just completed a one night stay at the Sheraton. While recently renovated, it's a solid Sheraton as opposed to a true luxury property. Request a room on the 3rd floor. We were upgraded to a suite, which was roomy and nice. We spent little time in the room, though. Pool is quite large and well heated.
I would recommend spending at least one night on each side. We ran into several people who did this and it really seems like the way to go to really experience the falls to their fullest.