Great price, great location
I'll start with the good parts of the Ambassador. The price to stay 5 nights in Waikiki at the Ambassador came to $465! The room was spacious, it was on the 17th floor so we were away from the noise of the busy Waikiki night life (and the dump truck noise we read so much about), and it had a kitchen!
Right outside the lobby was Kimo's coffee where I got a vanilla latte that was better than Starbucks and next to that was an ABC store where we were able to get snacks, beer, water or what ever we were in need of.
Access to the beach wasn't that bad if you don't mind walking. It's a quick jog to the beach if you cross the street and cut through Fort Derussy and the Hale Koa hotel. Both providing beautiful grounds to jog through.
I suggest getting a room up high. The views are spectacular even though we didn't have an ocean side view, it's probably a lot quieter and the kitchenettes are probably on the top floors too. (Which are worth it if you want to save on breakfasts) All the fancy Waikiki shops and restaurants are within walking distance too.
So what was the worst part about staying at the Ambassador?? If you love your bed the way I do, you might not like the beds here. That's really it! So I tossed and turned a little bit, nothing a Mai Tai before bed couldn't cure.