It's much more expensive than the Sheraton, but if you want to splurge on a view and lounge experience, I'd pick the RC, although the price differential for the lounge isn't worth it unless you plan to consume their expensive free alcohol.

The Sheraton is a huge aging building and its lobby always seems crowded, often with tour groups. As others have said, if you stay here, be sure to reserve a Towers room, which will give you access to the Towers lounge. The nonTowers lounge was moved a while back to a low floor, so you don't even get a view.

IMO the Hyatt Regency TST is a better value for a hotel of this type, and feels a bit smaller, but it's really nothing special either.

I'm a fan of the Peninsula (certainly much more expensive than the Sheraton), but it doesn't have a lounge. To me, it feels more like Hong Kong than some of the international chain hotels. I also like the loungeless W, which is next to the RC and IIRC only about 90 stories high rather than 125. The W has an outdoor pool on about the 60th floor, with a bar. Plexiglass panels make the area usable in wind and somewhat cold weather. The IC's pool, on about the 120th floor, is indoors but there's an outdoor deck with a hot tub. There's also a bar (with some food) on about the 124th floor that has outdoor seating space.