To update, we stayed five nights and loved our time in Sydney. The FS is an interesting hotel. The service was outstanding and we were upgraded (just to a better view as others have mentioned here), but the room--while nice--was nothing to boast about. It was nice, but doesn't compare to some of the nicer rooms we've stayed in at other high end hotels. The location is excellent, a stone's throw from Circular Quay and right along the light rail line (L2/L3). The breakfast buffet was pretty good. We ate dinner at Mode one night, and most things were good, but I wasn't a fan of the side dish I ordered (truffle mashed potatoes, which were pretty flavorless).

Would we stay there again? Yes, in a heartbeat. Is it the most luxurious hotel that we've stayed at? No, though the beds were extremely comfortable (we're thinking of buying pillows from either the FS or Mandarin Oriental online stores) and the service excellent.