This place is never going to be cheap, but there aren't any bad rooms - book in advance even at the cheapest prices you can still get a room with a balcony that looks directly, and I mean directly, at the Opera House just across the harbour.
Whatever room you get you'll have access to the rooftop pool and spa, which no-one else seems to use, and from there you can look up at the Harbour Bridge directly behind you, close enough that you can wave to the people doing the bridge-climb as you prance around in your swimmers. Maybe that's why no-one goes on the roof, but why not make a reason to? Prance away!
The food is excellent as you'd hope and expect, although for dinner you may as well go out to some of the excellent restaurants nearby - the Park Hyatt Sydney is an excellent place to stay, but you're too close to everything to spend all day in the hotel, no matter how good it is. (Date of experience: Feb, 2005 )