I just checked into the Ilikai last night. I got this on one of those II certificates as a last minute (day before) trade-in - we live 7 minutes away. I was surprised at how nice the unit is. We got a third floor partial (distant) ocean view (rm 312) overlooking the new pool. The unit is roomier than expected for a studio, and the full kitchen is great. I liked that SVC tips the bellman for you. The parking, at $20/day-SP and $28/day-Valet is high, but most hotels in Waikiki charge that and much more. The room tax is something like $7/day. Cinnamon's has GREAT breakfasts. I am not seeing any balconies roped off, but perhaps I have not see the full view yet. Here are some pictures. Enjoy your stay here.
The beaches here at this end of Waikiki are just so so, meaning, they are pretty but there are a lot of rocks under that pretty water. Bring tubbies. My preference is for soft sugar under my toes so I like to go to the beach in front of the Westin Moana, Outrigger on the Beach, Royal Hawaiian, which is quite a ways up the beach from this end (more mid-Waikiki.)
You can walk over to the Hilton lagoon for the Friday night fireworks, which is worth doing. There are tons of restaurants in Waikiki; as suggested above, Yelp is going to give you good data. Also use Open Table both to book and to check for feedback. Many of the better restaurants book in advance even in slow season, so figuring out where your special places are and booking them out might be advisable. For example, if you are a Ruth's Chris fan, the Waikiki Beachwalk one is usually heavily booked. There are several new restaurants in the newly redone International Market Place, we have not tried any yet. Morton's at Ala Moana has a decent bar HH (Power Hour in their terms) that runs from 4:45-6:30 and again from 9 pm to close every day but Saturdays. Wolfgangs and Il Lupino both in the Royal Hawaiian Center have nice long bar HHs with decent food choices and good prices. Tropics at the HHV has decent Hawaiian music. Il Sarrento at the 30th floor of the Ilikai has great views and has a daily lounge HH, plus they run it all night on Wed/Sat nights. I have never been but plan to go this week.