We had a great stay in this unit. We loved, loved, loved the location. The view of Diamond Head from our balcony was amazing. Being at the end of the Waikiki Beach area, this section is less crowded. The only con is that the unit is two floors directly above the nightclub, which is loud into the wee hours. The window A/C unit did help to drown out the music, and to be honest, we managed to sleep pretty well despite of it. A light sleeper might not fare as well.
The unit was small but very clean and provided a nice base in Honolulu. We didn't have a car, but were able to catch buses right outside the hotel and take them to Ala Moana and to the Diamond Head hiking area. Spent $5.50 per person for all-day bus passes, and would recommend this as a way to get around and not have to pay hefty parking rates.
If I returned to the area, I would certainly stay here again versus up in the center of Waikiki. You have all everything you need within walking distance and have a view of Diamond Head, the zoo, the park, and the water. With ABC stores about every 500 feet, what more do you need?