Great location-request remodeled room
Specifically because of the difference in remodeled verses older rooms, I would give this hotel a 3 1/2 rating. I stayed at the Drake October, 2011 and again October, 2012. And it is truly a lovely hotel. If you have one of the updated rooms on a higher floor then the location and price for the rooms are more in line with one might expect. And last year we had a lovely room, on a higher floor and it just felt more high end. This year, we were on the first floor and the room was an awkward layout and it didn't feel at all like the quality we had the year before. Both times I traveled with my husband over the Chicago marathon week end. I mention this because the hotel was busy, it has a convenient downtown location and people love to go there based on historic reviews. Every knows the Drake. However, I think they need to have completely different prices for their rooms that are not yet remodeled. We paid over $380 each night for our average room. For that amount, I want to stay in a much better room. 
I hope this review is helpful to you, hit the helpful vote if you liked it. Have a great time in this wonderful city!