I much prefer the Mandarin Oriental's location to the Ritz's. The MO has a fantastic location next to the Petronas Twin Towers plus the view of KLCC Park from the rooms and the infinity pool (which is nicer, IMO, than the one at the Ritz) is very nice. You can walk next door to do some unenergetic shopping at Suria KLCC which is KL's most prestigious address. The subway is directly underneath the mall. The MO is as glitzy as the Ritz is subdued. If not the most luxurious hotel in KL, the MO is probably the best located one. And yes, the MO rooms are fabulous.

You may also want to check out Carcosa Seri Negara which is where the Queen (E II) stays when she's in town. The location is a little removed from the city. Also check out: The Regent (managed by the Four Seasons), Shangri-La (used to be the best in town), Sheraton Imperial (Starwood Luxury Collection), JW Marriott (great restaurants) and Westin (brand new); none of which measure up to the MO, in my opinion