I stayed here for months (made Platinum here!) in late 2005 and was not impressed. Bad enough for me to search for this thread and put in another trip report!
I believe some things may have changed, but one thing they can't fix is the location. The ferry is nice (and free for UBS people!) but it's just such a tease to be right across the river from everything with no way to travel quickly. Seriously, this hotel is basically an hour from Manhattan, when you consider scheduled service for ferrys and trains. And when the boat stops running, you're looking at an adventure trying to get back.
Stay on the PATH or NJ TRANS lines in Jersey City or even Newark instead...