After reading the review of this hotel, I called it directly and booked a room for 2 nights. The reservation desk guy didn't speak much English but I knew enough Spanish for him to understand me.
We got a room "sin clima" which means without A/C which was fine since the nights were cold and days were cool. There are beautiful views from the balcony overlooking the pool and the city. The rooms are large, nice and clean, but the beds are rather hard which I found is the norm in most Mexican hotels for some reason.
The Panorama is in the historical district where many museums, plazas, markets and cathedrals are within walking distance.
Take the double-decker trolley tour to get a feel for the old city and it's barrios. The driver only speaks very rapid Spanish!
San Luis Potosi is a beautiful, colonial city with cobble-stoned streets and restored mansions turned into restaurants. Definitely worth visiting for a couple of days.

I can’t stress enough how important it is that you ask for a room overlooking the pool as that will give you an incredibly beautiful view of the city as well as the pool and courtyard. They will give you one of these rooms for the same price. I didn’t even think to ask, but they gave me a room on the eighth floor, which was very panoramic (pun intended). The balcony is not for those of the faint of heart though (lol), but is a very pleasant place to sit and have a beer.

The lobby and the service were all outstanding, and there is always someone there that can communicate in English. The location is as good as it gets; close to all of the downtown action.

The rooms were clean and spacious, although they were a bit outdated. There is no air condition in this hotel (according to lonely planet there is), and that could be a small problem for some. They do provide a nice fan. We were there during June (the hottest time of the year), and had to open our windows at night for us to be comfortable, and we were very comfortable. Some might be comfortable with the window shut, but it is very loud outdoors from Thursday-Saturday as there is one club directly next door, and many close to the area. It wasn’t a problem for us as we were out late, but if you are looking to go to bed early on Thursday-Saturday, and have the room really cool, this isn’t the place for you. One thing that I was very impressed with was the quality of the water in the pool as well as the courtyard surrounding it. I don’t recommend a swim after 7pm, as the water is a bit chilly.

I highly recommend this place for a great Mexican experience.

We have stayed at the Panorama several times and have found the service to be wonderful. I speak little Spanish, but was able to communicate very well with the personnel. The bell hops were very helpful and attentive to our needs. My wife and I were there with her sisters and their husbands and all of us had a great time. The breakfast included with the price of the room was very good, also.

Arriving in SLP was exciting at night because it was the Christmas season. People at this fine hotel were very friendly and went beyond to assure that the group I was with had an enjoyable stay. Everyhing in the room was top-notched. The area where the hotel is located is very central to everything you would like to see-from historical buildings to fine dining. It was fabulous.