We recently stayed at the Fierro, staying both in the Superior Room and in the Terrace Suite (on the 8th Floor). Whilst both my girlfriend and I really enjoyed the design and attention to detail in the rooms (such as having Ferrero Rocher hand-delivered to our rooms each day), it was the friendliness of the staff that really made the difference. They were always willing to do research for us if we wanted to do something or other, help us get around, provide suggestions, remembered our food preferences and allergies at breakfast, etc... . If you can stretch it a bit you should get the Terrace Suite which is simply the ONLY way to relax after a hard-day's walking about town.
Which brings me to the only downside of the hotel, namely its location. The area itself (Palermo Hollywood) is great, and has quite a few lovely little restaurants where one can eat, bars to drink etc..., but if you are in BA for the first time and want to walk around Recoleta, Plaza de mayo, Puerto Madero etc... you are a bit far out. Taxis from the hotel to any of the major sights is going to run you around 40ARS each way (about US$9). There is a subway ("subte") nearby which you can take (and we did, but only during the day time). Honestly though, this was only a minor inconvenience, but you should bear it in mind when budgeting time and/or money.
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