The Delta Chelsea is an excellent hotel... I've never had anything but good experiences there in the past when my family would be visiting Toronto. I also attach a lot of nostalgia to that building.
It's not a beautiful building, but I absolutely despise this attitude on UrbanToronto that buildings are so dispensable... what a waste! The building is relatively young and is a large, profitable complex. Do you really think another cookie-cutter Toronto design is going to be a better replacement for what's there? I'm willing to wait around longer, and for something much, much better. It's also very presumptuous about the hotel itself to want it replaced if you've never stayed there or recognized what a great hotel in a great(!) location it is.