The Cape Grace is probably the top hotel overall on the V&A waterfront. The O&O has no personality and feels quite sterile, it could be anywhere--not our cup of tea, but it's fine if you like modern and the location. The Mt Nelson is the grand old dame of them all, very traditional, very European charm in its elegance, but its location isn't as convenient. The Silo is the brash (and unworthy) newcomer, charging Ellerman prices for a subpar product that wows only for the view.
Our favorite remains the suite at the Dock House Boutique Hotel.