I have stayed at both, probably over 50 times each. Make sure you reserve a harbor view room if if it is important to you, both properties have many rooms which do not have a harbor view. The Shangri-La rooms are more nicely decorated than the the Sheraton. The Sheraton platinum lounge is OK but not memorable and all "city view". It was not purpose built and is a conversion of four regular rooms at the end of the hallway, the originals walls all still intact. The lounge in the Towers is nice. Overall the F&B is better in the Shang, including the lounge and the views are less obstructed though the Sheraton restaurants are solid. The Sheraton is more convenient for the MTR and you really feel being right in the thick of things in Kowloon whereas the Shang is a bit of walk to anywhere. If the prices are similar, the Shangri-La is definitely the better value and delivers a premium experience to the Sheraton. My thoughts....