Pros:We've stayed at Hotel Lincoln several times and always had a positive experience. The location is perfect for us, and there's lots to do within walking distance (great shops and restaurant, parks, zoo, Navy Pier, etc.) The staff are great, the rooftop bar is a nice experience (especially on a nice clear night) and even the little coffee shop off the lobby is good. The rooms are small, but cozy and have everything you need.
Cons:Your experience may vary quite a bit depending on your room/location. Those on the higher floors tend to be more quiet and private. Similarly, if you spring for the "lake view" you can either get something higher up that directly faces the lake (Amazing!) or something a few floors down that, technically, does offer a lake view, but only if you sort of lean and look out your window at an angle. On our most recent stay, we had a 2nd floor room, and while fine it was our least enjoyable stay. There was noise from the street/construction, and there was no privacy shade on the window, so our choices were either to nearly black out room with the regular shades fully down OR open those shades and invite pedestrians a pretty clear peak into our room. Also, the room lacked a full length/floor mirror that other rooms in the past have had. Not a huge deal, but the mirror is nice when someone else is in the bathroom or its mirror still has the fog of a recent shower.