None of the hotels in Niagara Falls are 5-star, they are 3-star and below (way below). For the classic falls experience, best to stay away from the hotels with "fallsview" in their name (this means they have an inferior view of the falls, as they are located in the fallsview district). The best view is from the Sheraton on the Falls, particularly if you get one of their (many) honeymoon suites. These have a dozen floor-to-ceiling glass windows overlooking the falls (straight across from the American falls and looking into the U of the Horseshoe falls -- so the view you see on postcards), plus a heart shaped jacuzzi for 2 (also with a full view of the falls). The hotel is a bit shabby and rundown, but the view is fantastic and nothing quite like champagne from a heart-shaped jaccuzzi with that view.

The other (newer) hotels will have nicer rooms but not as good of a view (however their view is good, too, just not "the view").