Just wrapped up a 2 night stay. We had stayed at the St. Regis on both previous stays in Beijing, which we love, but wanted something more centrally located for this trip and this did the trick. First stay at a Renaissance and we really enjoyed it. Room was a bit tight for 2 adults and 1 child, but in good quality/condition and nice views of the forbidden city and the square in the distance. No upgrade, but one of the nicer lounges we've visited in recent history (breakfast, afternoon tea which we missed, 2 hours of evening snacks and 4 hours of evening cocktails). We took breakfast once in the restaurant and once in the lounge. Both were good--lounge is obviously smaller, but a pretty solid option.

I'd say blackavar's detailed post a few posts up still holds true, though we never made it to the pool and didn't receive any gifts.