I'd rethink that. Just spent a night at the Sheraton and found it decidedly middling. Sure, they remodeled the rooms, but they look very generic. The low ceilings make the place feel really cramped, and the maneuvering space in the bathrooms remains ridiculous. Not sure what they were thinking putting a couch in front of the window; given the amazing view outside, who'd want to sit with their back to the window, looking at the room?

The lounge is still in its (temporary?) location off the lobby. Very cramped and unappealing space, not nearly enough space for the hundreds of guests that seem to have access. I mean, look at the sign-in list, several pages of fine print; 50% of guests must have status. Had a glass of cheap sparkling wine and glanced at the fried wontons and similar items reminiscent more of an average lounge in the US than an Asian property. To be fair, this is a huge improvement over the old "Platinum" lounge, but that's not saying much.

Breakfast is middling. Long lines to get in, and when I came back to my table with my plate, someone else had sat down there. Egg station, some hot items, medicore pastries. Sure, ice cream, as our enthusiastic friend remarks above, but apart from that no standouts. Note that you have to sign a slip before you leave, don't just walk out when you're done.

The Hyatt has also slipped a bit, but wins in all categories IMO (room/lounge/food/view), see my review here. That doesn't even factor in points cost. I booked the Sheraton using an expiring 35k cert before the recent bloodbath, with an 8k buy-up. It's fine at 43k, not great. But now, the Sheraton has moved to the 70k "band." You'd have to have your head examined if you chose to stay there at this level.

Finally, some practical advice: In-Town check-in at Kowloon station is still suspended, as are hotel shuttle buses. Considering the sometimes lengthy taxi waits at Kowloon station coupled with bad traffic makes the following a winning public transit combination for trips to the Sheraton: Airport Express to Tsing Yi, Tung Chung Line to Nam Cheong, and Tuen Ma Line to East TST. Takes about 40 minutes and costs HK$65.