I had a great stay at the end of December. Got upgraded to one of the remodeled rooms on the upper floors and was given lounge access as a Platinum. I am a vegetarian and the cook was able to make some vegetarian snacks for me every night I was there. Breakfast was served in the lounge until 11AM on weekdays and Noon on weekends. "Happy Hour" was from 6-8 including snacks and free drinks. After that you could get any non-alcoholic drink until 11PM. There are 2 computers in the lounge with free internet access (and 4 in the lobby that can also be used by any guest).
The free shuttle departs from the hotel to Taksim at 930AM, Noon, 530PM, and 930PM and returns from in front of the Attaturk Cultural Center in Taksim Square at 10AM, 1230PM, 6PM, and 10PM. The shuttle took about 35 minutes with the most traffic around the big malls close to Levent Metro station. You can also take the metro to/from 4 Levent. Several buses and minibuses go to/from the hotel to/from the station. Fares for public transportation are 1,30 new Turkish lira (a little less if you get an Akbil card).
My friend checked in early and they put him in a regular room while they were waiting for me and my Platinum card to give us the upgrade. The regular room did not look all that great. A typical suburban Sheraton with lots of beige. Upstairs we had hard wood floors, two big rooms, and a nice bathroom. If you are not on the club floor, eating could be difficult too as unless you walk over to Istinye Park to eat, the eating choices in the neighborhood are not all that plentiful--though there is a Migros grocery store directly behind the hotel.
The staff was very helpful and nice. There are 3 giant new malls that are very close to the hotel. Istinye Park is walking distance while Metro City and Kanyon are near the Levent metro station (one after 4 Levent on the way to Taksim). Sometime in the not too distant future, the Maslak metro station near the hotel should be open making transportation into the city a much quicker 15 minutes to Taksim or 3 minutes to Levent with no worries about getting stuck in traffic.
The W is still under construction and is on a side street on the northern side of Dolmabahce Palace just below the Swissotel. I took one picture but a guard came over and said no pictures and then asked me from which country I came. After saying I was American, he said OK but still did not let me take any more pictures. (There is a small military compound just opposite the palace so perhaps he was more concerned about that than the pictures of the W). There will also be a small collection of luxury good shops right next to the hotel which is also in the final stages of construction.