I've stayed at this property several times in the last couple years. It is one of my favorite HGVC properties; I love the fact that it is a renovated historic bldg. I haven't been there since the recent make overs inside the units, so I can't wait to go back.
A note about parking: several people have mentioned that they don't like to have cars here. It is true that there is plenty to do in the immediate vicinity of South Beach; there is hardly a more vibrant place within walking distance of any HGVC except maybe HHV in Waikiki or the new West 57th in NYC (when it opens).
However, I always prefer to have a car (that's just me I like to drive, especially convertibles in FL). Contrary to what it may seem, it is very easy to get street parking in front of this hotel. Street parking in SoBe is metered, via centrally located vending machines that print vouchers to be placed in the windows. They can be printed for 2 hours at a time, and they only go until 9 pm... after that parking is legal and free until 9am the next morning. For instance if you purchase two hours of parking at 7:02pm, your ticket will actually say valid until 9:02am the next morning. True, you have to move the car or buy another ticket by 9am, but then I didn't find this a problem. Parking later at night can be found directly in front of the hotel, I never parked farther than in front of the next building. Also, I always felt it was safe in this area with the well lit lobbies and 24 hour staff present of all the hotels nearby. I find I spend less than $10/day on parking on average.
There are numerous reasons to have a car. I like to drive in Miami, it really is a gorgeous city with all the water surrounding it. I spend a lot of time in Fort Lauderdale (about 20-30 mins) sometimes when I stay in Miami. I frequently drive here from Orlando (about 3 hours) for a few days on longer stays there. The drive out to Key West (a full day) is also spectacular.
Just MHO over course, YMMV. That's just me, I like to have a car! Just don't let all the talk that you shouldn't have or don't need a car here scare you away from bringing one if you want it.