Personally, I like the Oceanfront junior suite there. The music is only from 6 to 9 and usually decent. You get nice ocean sounds and the street noise is a function of being in Waikiki, but it is a nice mix with the waves!
Not only is the hotel usually cheaper than the legacy SPG options, upgrades at the legacy SPG properties can be very poor.
And I haven't gotten any relief from the resort stay, but haven't asked. When I stayed there a lot, they would give me extra drink coupons which helped.