The biggest problem with many 'old school' / 'grand dame' luxury hotels is the amazingly small rooms. My company took everyone to the Hotel de Paris in Monte Carlo last year, and we could not believe how small and, at best, averagely furnished the rooms were. At least mine had a harbour view - most of my colleagues were looking into an interior light well. We got a continuous feeling that the hotel believes that if you are not paying for a suite then you are a second-class guest.
To add insult to injury ... some people decided to stay on for the weekend (on their own money) only to find that the rate they had been given was higher than the rate on the hotels own website. Then they were not allowed to have breakfast in the main dining room - they were shunted off to a side room where a very perfunctory cold buffet had been laid out. (Remember, this was after our conference when they were on there own money.) Luckily I had decamped to Nice by this point.
I can't deny that the lobby / bar / restaurant are very impressive - but you don't need to stay there to experience these.