Spent 3 nights in a Harbour view room in September 2007. We arrived early on Sunday morning and although check in was 12:00, we were escorted to our room very efficiently which was great after a 12 hour flight from the UK.
We paid extra for the view. However, the room was on the corner so unfortunately the view was mostly of the town below not the view over to Kowloon. Room was on the smallish size but was adequate. The marble bathroom was large.
We ate in the One Harbour Road restaurant which had great views. We drank most evenings in the Champagne Bar - be warned, men must wear appropriate attire - something we forgot about as we were on our way to Thailand and the suitcase was packed with shorts & flipflops!! Most of the clientele staying at the hotel were business people. Good band in JJ's.
We went to the Peak but the queues were huge - top tip: buy a ticket for Madam Tussauds and you get to jump the queue. Bit of cheesy fun anyway. We had lunch in the Peak Lookout Restaurant which was great.
Make sure you take a visit to the Ocean Park to see the panda bears. There is also a great cable car (not so great if you hate heights) but great views.
Also, don't bother with a transfer from the airport - take the train. Its a very effiicent service and takes about 30 minutes to Hong Kong Island. When we left Hong Kong, we checked our bags at the airline desk at the train station and didn't see them again until we arrived in Thailand.
The only disappointment I had was that we did not have enough time to enjoy the swimming pool as it had great views. We stopped for breakfast there on our last day very briefly and it looked lovely.
It is quite expensive, our room bill was rather large (probably something to do with the champagne bar!!) but hey, we were on holiday.
If you want to experience the real Hong Kong , probably best to stay on Kowloon as it is fairly quiet near the Grand Hyatt. We had to take taxis to Central going out in an evening

The hotel offers an amazing view of Hong Kong Bay, depending you get a decent floor level.
It's fantastic to wake up with all these skyscrapers in front of view, and the buzz of the boats.

Great service, everyone is looking after you in the hotel.

However, it's a bit far from the center compared to other hotels such as Mandarin Oriental. In summer you have to walk via unintersting paths, and that can make you sweat a lot! Otherwise, distance to red light district is shorter, but that was not really the purpose of my trip.

This hotel had amazing views and it was easy to get everywhere in Hong Kong by taxi or ferry!

Our family got 3 rooms at the hotel. The presidential suite and 2 standard rooms on the Grand Club level.

I will write my review based on a standard harbour view grand club room which I stayed in. It costs HK$4000 per night. Grand Hyatt HK is an institution and boast to be one of the top 10 hotels in the world. The service at the hotel was excellent, room is spacious and is well equiped. The standard you would expect from any Hyatt worldwide.

I was however disappointed at a few minor things. At HK$4000/ night you would expect the latest technology such as flat screen TVs, the Grand Hyatt HK did not have this (not even in the presidential suite). Breakfast at the Grand Club level was disappointing. There was little choice- I was really looking forward to a smorgasbord of Hyatt buffet breakfast but was disappointed.

Overall, it is a nice hotel but its not worth the HK$4000 price tag. I also wouldnt rate it in my top 10 hotel list. It felt like I was staying at any other 5 star hotel. There was nothing special about it. I agree the hotel is in a strange location in an islolated part of Wan Chai with little food choice in the area. The 10 min walk to the MTR station is also annoying.