The location of the Ilikai is central but it depends on what you want from the location - The lagoon is right there for the Friday night fireworks, 10 min walk to the Ala Moana shopping Centre and about 20minute walk to the heart of Waikiki. We used the Biki bikes which helped with travel time. We were disappointed in the late night food options which are pretty much nil in this area though. We stayed in the heart of Waikiki after staying here and it was much more convenient for food and shopping.
The bed was super comfortable and I had no issues getting a good nights sleep after exploring all day.
The air-conditioning unit isn't great, is a bit noisy and takes a while to cool the room. We slept with the TV on so that it didn't keep waking us up. There is a Dyson fan in the wardrobe though for additional air-flow and was quite handy.
The kitchen is well stocked with everything you could need.
The major downfall to our stay was the shower. We weren't able to use the shower for our 3 night stay due to a blockage that we discovered on our first night which resulted in old, dirty water coming back up the drain. With 30degree days & a build up of sweat, this was really disappointing. Kat was quick to try and arrange a repair (although the maintenance man and plumber were a bit slow to turn up). She provided a small refund without hesitation and arranged for us to shower in an alternate apartment on our last night which was appreciated. We are still awaiting communication in regards to the outcome of discussions with the owner of the apartment.
We are disappointed that we paid quite a premium price for a below average stay - Showering is quite a necessity for both hygiene and comfort and this wasn't quite reflected in the amount that was refunded to us.
Aside from the issues with the shower, the apartment is as described and very comfortable.