Complete agreement with previous reviewer. This is one of the finest hotels I have ever stayed in, especially considering the price, which (even without my corporate discount) is cheaper than places like W or the Four Seasons. I stayed at the Le Germain in Montreal (separate review) and was so pleased there was one in Toronto. I have stayed here on 3 separate occasions, and the experience has never been short of excellent.
The bright, open lobby features a large library and seating area with fireplace. As nice as this is, though, it is the rooms that are truly fantastic. Spacious rooms, featuring perhaps the most comfortable hotel bed I've ever slept in (goose down comforters and super soft linens), are warm and inviting. You can tell a lot of thought went into the tasteful decor. The waterfall shower leaves you feeling refreshed.
The mezzanine level features their meeting spaces and the breakfast servery, where you can get complimentary continental breakfast and made-to-order espresso drinks. Speaking of complimentary, you also get free wireless Internet and bottled water (which is exciting because most hotels would charge you $5 a bottle.)
Victor, the hotel restaurant, appears to be one of the better restaurants in town. I've not eaten there, but have enjoyed expertly crafted cocktails (try the Old Fashioned or Sidecar) and whisky served by dram.