OK people, I don't agree with that.
We came over after 7 days at the Andaz because we had some booking last minute changes and the Andaz was fully booked so we took the obvious alternative next door for our additional needed days, having the expectation, that this would be a similar high Standard property as lots of people mention here at the thread.
For us, however, the Regency Bali is a true cat 2-3 property. The estate is dirty and clearly visibly 50 years old. The rooms are OK (comparable to other older 5-star properties) but have lots of wear and tear and just feel outdated.
The food at pizzeria is pretty OK (albeit not great, you can eat much better on the island).
We didn't try Regency Club as it was totally crowded. Breakfast at Regency Club was also OK but it was buffet (we do like served breakfast better).
People in the hotel are mid-tier, lots wearing tank tops and loose clothes, more easy living and therefore more like typical Bali goers.
The staff is super helpful and very nice, they are also absolutely trustworthy, as we had to store really crazy valuables (diamond rings, necklaces, etc. like worth several lifetime earnings of the combined front Office team) over two nights where we were checked out for a trip to a tent night on Nuss Penida. We were very nervous to leave the things there (and the front office manager we gave them to in a safe room for safe box storage visibly was nervous too), but we got them back as agreed and nothing was missing. Trustworthiness test approved.
Overall, the hotel is by no means comparable to the Andaz Bali. These properties are not even close. The Andaz Bali is in another Galaxy and will surely become a true Cat 5-6 property very soon. Even a cat 7 would not be out of reach.
Andaz Bali and Regency Bali are in totally different price ranges. The Andaz is going to ~350 USD range next year, which is more than double the price of the Regency and it is absolutely worth it and there are many very clearly visible reasons for that price difference.
if money doesn't play a role I would always prefer the Andaz, absolutely no about about that.