Don't pay full price, and be sure to bring earplugs.
Your arrival to the Palmer House will be reminiscent to a trip to Las Vegas -- you'll encounter public spaces that are appointed with high-end materials, a classy aesthetic, and a darkened environment that makes you completely oblivious as to what time it is outside. Unfortunately, the Las Vegas metaphor does not end there; this hotel is set up to nickel and dime you to death.
Want to use the fitness center? That'll be $10 each time. Oh, you wanted a coffee maker in your room? That'll be $15 (by the way, did you notice there's a Starbucks at the street level?) Are you enjoying your time at our bar, drinking your finger of scotch? That'll be $16.50, please.
Unlike Las Vegas hotels, if you are a fool as I was and pay full price to stay here, you'll quickly regret your decision. My only saving grace was asking for a room on the upper floors, which made the noise from the El more tolerable. The walls between rooms are paper-thin. My room seemed to have been last remodeled some point in the late 80's, judging by the decor. It was painfully obvious to me after the first day that this place survives on its bread-and-butter of hosting conferences and giving conference attendees a place to stay.
I'll end on a positive note: the beds were comfortable, and every hotel employee I encountered was exceedingly nice. You'll appreciate the comfortable beds as you lay awake at night listening to the activities of your neighbors next door. Next time, I'll just opt for a Days Inn near O'Hare and know what I'm getting myself into from the get-go. My advice: stay elsewhere!