Beware the "Lakeview Terrace"
We splurged for a 3-night stay at The Edgewater and opted for a Terrace King room - which pictures a balcony looking over Lake Menona on the website. These rooms DO NOT sit over the water (and we were told by the front desk that none do). They are on the side of the hotel. If you go out on the terrace, look to the side, over several other terraces, you can see the water...but it's not ON the water or what I would call a lake view. In fairness, the room description does not promise a lake view...but the picture is deceiving. The terrace itself, while nice and large, had quite high walls so you can't take in the view (water or otherwise) while sitting.
The hotel itself was nice, rooms were large and comfortable and they had some nice bands playing on the plaza which was fun. The staff was friendly and the location is nice with easy walking distance to UW and the Capital area. Madison's a great town. Overall, it's a very nice hotel...but for more than $300 a night in a nice-but-not-Chicago Midwestern city, I expect a very nice hotel with a nice terrace AND a great view. So, 3 stars from me.