I stayed there in Feb. of 2002. The rooms had not been redone but our room was very nice. The bed was extreamly comfortable. The bathroom clean - carpets looked ok and everything else was fine . The only thing I didn't like was the color themeing of the interior halls/room - it's very "beachy" but in my opinion (and everyone's taste are different so take it with a grain of salt) it was "tacky" and child like. I think I tend to enjoy more sophistocated surroundings. And , if I read correctly , the Swan and Dolphin makeovers will be a little more contemporary - so perhaps the new rooms will reflect that.
I have heard from others that some of the other rooms (non concierge) are really in bad repair - perhaps they have been keeping their concierge rooms a little nicer all along - even without the makeover.
Enjoyed the lounge too. Nothing too special (except Mama T who was an angel - VERY nice lady) - but a nice lounge, with pretty food offerings (it does become "routine" , however, since during our stay, the food was not "varied" over the days that we were there.).
If you have time, try out Kimonos for the Karoke - even children can get up to sing , so if you are brave, it can be a lot of fun (beware, a glass of house wine was $7.50!)