We stayed in the Sunset from Jan 17 to 28, 2007.
The front desk and all other staff were very helpful and extremely polite. We needed assistance the first night we arrived in Honolulu as our accommodation in a nearby hotel was not large enough. The two bedroom unit in the Sunset which we ended up staying in for 11 nights was spacious, nicely decorated and had an excellent view of Diamondhead and the ocean.
The daily maid service was done every day on a timely basis and was done well.
The sunset is easy walking distance to the beach, shops for food (if you want to prepare your own meals) and souvenirs, eating establishments, walk-in-clinic in case you need medical attention and nearby pickup spots for arranged touring around the island.
The staff at the Sunset was great about advising on which tours to take and places to visit on the island were extremely helpful.
The last time my wife and i visited Hawaii was 26 years ago. We will definitely not wait another 26 years and we will definitely stay at the Waikiki sunset. I highly recommend it.
One final point: I noticed in the posted reviews on the internet that one problem with the sunset was the very slow elevators. That was absolutely not an issue. If anything, they were very fast.