I replied to the other thread, but I'll reply here as well because I think the audience might be more relevant. I prefer the current Hilton's location, though I'll admit that a lot of money has been pouring into Wangfujing and the city center during recent months.

On a related note, in one of the Olympic threads, someone mentioned that they booked the new Hilton with points.... so I'm wondering if there's any chance it will open by August (sure doesn't look like it)... and what will happen to that poster's reservation if it doesn't.