I just stayed at the IC last week, and it's generally still a very good place to stay, especially if you get Club privs. I didn't get Ambassador recognition at check-in, but there was a gift in the room the next day. (I was already booked in a junior suite, so no upgrade was expected or offered.)

AFAIK, Club privs are available only as part of a package or with a supplement (around HK$500/day) with any room rate. The club is fantastic: a terrific breakfast buffet, and evening drinks and appetizers. The appetizers are not your standard fare: last week they included foie gras, lobster with mango, chicken satay, tenderloin rolls, and prawns in XO sauce. Other club bennies include daily fresh fruit, and Bulgari toiletries (thé vert).