We chose to stay in Waikiki for 5 of 11 nights of our Hawaiian vacation. I know Oahu well because I lived their for five years. Waikiki is part of a big city, but it still has its highlights such as food and history and makes for a great "home-base" when you plan to do other parts of the island. Its easy to get to the Windward side, south shore, and north shore.
This property was basically like a hotel suite. It was different in that it has pocket doors to close off the bedroom for those who need some space to sleep in, nap, etc. It was stocked with dishes, pans, and some great beach chairs! It is outdated, as we expected for an affordable Honolulu property to be, but we never saw any pests, and everything worked well. We were able to cook breakfasts, and sit on the Lani for coffee each morning. The mountain view is beautiful and cool in throughout the day.
I have read complaints about the elevators, but we rarely, if ever, waited more than 1 - 2 minutes for an elevator. The parking is tight, with typical, big-city sized spots, but this unit has a free spot, which saved us the $40/day most hotels charge!