I have stayed at the Hard Rock many times over the years and have never made it to the Skybar and I think they closed it some time in late 2010 as I never see people there when I look out my room window.
However, this month, I was there for a private company event for an evening reception and it was really nice. It has a lounge-y feel and the decor is more modern. There is even a swimming pool that is lit up and looks really cool once the sun goes down. During the event, we had all you can drink with a fully stocked bar and service was quick as they had 3 or 4 bartenders working to help about 400 of us. :) I hope we come back here next year, all you can drink is always fun when someone else picks up the tab!!
It would be nice if this lounge stays open regularly during pool season as it is elevated and gets you away from the crowds if you're looking for some more seclusion and privacy.