The Grove Isle was good value for money, service was good, reception very helpful. Our room was large and overlooking the city and water.
The reason we chose the location was that we had previously visited the nearby Coconut Grove area and were impressed. However this time round Cocowalk and surrounging shops seemed a little depressing. A lot of the nicer stores had closed down, apparently relocating to malls.
Having said that, it's still close enough to downtown but if you want the excitement and nightlife then I would recommend one of the hotels in South Beach.