4.5 stars? That is optimistic at best.
I have stayed at the James a few times, it is my go to hotel in Chicago. This last trip makes me think it is time to start looking for other options. 
The Good:
Location is awesome, just off Michigan Ave, Trader Joe's across street for some healthier snacking. It is a great location, easy to walk most anywhere. The door staff are very friendly and helpful. The overall feeling is modern, upbeat. Turn down service with cookie is nice. Free Wifi (which worked to varying degrees throughout stay)
The Bad:
They claim to be a 4.5 star hotel, which to me, means better then a 4 star and online with a 5 star (without a pool). They used to have Kiehls toiletries and now have "Harmony" brand. Additionally, they now have the large bottles attached to the wall which you get to share with the other guests that stayed in the room before you. It is what I would expect from Holiday Inn or my gym, but not a 4.5 star hotel. I asked about the switch (mainly because when I booked they still had Kiehls in website description) and they claimed that the reason they went the communal bottle route was to be "green". That is hard to believe, as it's not like the hotel is making other efforts to be green (they still have incandescent light bulbs, housekeeping leaves the lights and radio on when they do turn down, they don't recycle in room, etc). They are obviously trying to cut costs, and it shows.
More: the rooms are in need of some updating, they are looking somewhat tired. My third floor room was quite loud with the motorcyclers trying to prove their manhood out front (not their fault). Don't take the stairs (as the stairwell is straight out of horror movie), even though the wait for one of the two elevators might be awhile. The phone staff was fairly rude (granted, they didn't like me questioning their toiletry change).
I feel bad giving such a low rating, but it really did not come close to my expectations (from previous stays there). I will start trying out new hotels in the area.