It's a VERY nice hotel and all.... but I also think it's very overrated.
Being the only property with such a spectacular location tends to command a premium. It's useless comparing prices between properties, it's all about location and demand. And people are willing to pay these prices, so it's an extremely good use of points if you want to stay there. And the people that complain the most about the rates are the ones that never pay them anyway :-).
Service might be a bit of a hit-and-miss sometimes, but in general I found it to be an excelent property.