I think it depends on the room you book and your level of status in IC. As an RA who generally ends up with a wonderful suite, this is absolutely a luxury hotel. If it were anywhere in the world other than Hong Kong, it would be one of the top two hotels in town. However the MO, Pen, FS HKG are certainly better.

If I compare the IC HKG to say the FS, Ritz, or MO Singapore, the IC HKG is better overall. At least in my experience.