I stayed for 1 night in July, the day we arrived in Iceland. I have Hilton Gold, but didn't bother to ask for an upgrade. They were able to check us in at 1 pm. Great location close to restaurants, shops and sights. The room is not big but well designed, and the bathroom (especially the shower) is more spacious than expected for a room that size. Breakfast buffet was great -- best I had my entire time in Iceland.
Overall, it's definitely a superior hotel and has a superior location than the Nordica (we stayed at the end of our trip) although the rates are almost double at the Canopy while rooms are almost half the size. FYI, the Nordica seems to be a go-to hotel for tour groups, and it was packed on Saturday and Sunday night + Monday morning breakfast.