Nice modern hotel well away from the centre of Hong Kong although it is above a MTR station which means you will be heading west all of the time for 10 to 20 HKD.
You will get a free breakfast as a IHG Diamond and possibly some fruit and maybe a better room but not an upgrade as they conveniently have better rooms for each grade.
The 47th floor restaurant and bar currently provides nice views of the bay but these will be gone in a few months as the next set of buildings fill in the area between the hotel and the waters edge. Also double check your bill, the height seems to effect their maths and pricing versus the menu.
Finally the IHG website photo shows an isolated building with nothing around, I have not worked out that angle yet.