I've been in Baltimore for the past 7 weeks on business and have stayed entirely at the Waterfront (I'm sitting in my corner 30ish floor room enjoying the view as I type). All of what people have said as positives ring true (concierge lounge ^ , separate banks of elevators ^ , new and clean hotel and very friendly and accomodating staff ^ ).
There is one very noisy water pump somewhere on the 30-31-32 floors that sounds like a pile driver and jackhammer operating at the same time. It tends to kick in early in the morning when everyone is getting up and having showers. It really jolts you awake when it fires up. I heard it when I was in the higher numbered rooms down one end of the hotel closer to the rooms 3x3x (3032 as an example). I am at the other end this week and don't hear it all. If you like to sleep in avoid that end if you can
Some of my co-workers prefer the Renaissance just down the street as they like to get take-out food and bring it back to their room and they just find it more convenient to stay closer to the restaurants.
One last difference for those who require high speed internet access, not all rooms at the Renaissance have high speed access according to my co-workers. For those of us at the Waterfront, we have yet to have a room without it.
As for the concerts last week, they were all part of the Preakness Week celebrations. There were concerts just about every night somewhere in the city. This week it has quieted down.