My expectations of the grand suite were a bit too high, so I ended up disappointing myself on the following:
1) The jacuzzi was a shared one (and had dead insects floating on it).
2) The gorgeous patio in the pictures was actually the common one, available for all rooms. Our private patio was right next to the mule trail down to the harbor, so each morning and during the day we could hear the donkeys; my wife liked the donkeys, though, so it depends on the person. The view from the patio wasn't as good as from higher up from the hotel common patio.
3) Since there was only three of us, we didn't take full advantage of the grand suite's size (would have housed 8, I think), so the cost-benefit was a bit off; a normal room would have been a better fit for us, even though the Grand Suite was very nice. Oh well, we'll know better next time. :)
There was also a short hike from the taxi drop-off point which we weren't prepared for; luckily the staff helped with the baggage. Also, lots of stairs, but that is something one will simply have to live with while living on a slope of a caldera.
A microwave would have been a nice addition, but that is a rarity in European hotel rooms anyway.
The staff was extremely friendly; we had already checked out and were waiting for a taxi during a hot day, and they gave us (for free) a fruit plate and cold water without even asking! The staff also helped with the baggage from and to the taxi drop-off point.
The view is excellent, especially from the hotel patio where the breakfast is served.
The Grand Suite was very beautiful and the bathrooms were very nice, too.
Location was very good, easy to walk around Fira, or back to the bus station to get a bus to/from Akrotiri etc. Lots of restaurants nearby.