The view does not disappoint, not only the boats but also down onto Rushcutters Bay Park (which is also just a short walk). Location is great, bus stop right outside, but unless it was raining I just walked into the city, which takes 20 minutes at most. Cafes nearby and a couple blocks into Potts Point/Kings Cross for noisier fun (but you'll hear none of it from Elizabeth Bay, nice for sleeping).
Kitchen & Bathroom are both like new and very clean. Main room is cozy, but the bed (which is excellent) does lift out of the way to give extra space if required. I stayed 3 weeks and would happily do it again.