Good, but not a 4-star
As other reviewers have noted, the Raffaello benefits from a marvelous location. If you are interested in seeing the sights on foot in the Gold Coast and the Loop, then this would be the perfect place to stay. There were many things to like about the hotel: 1) it was quiet; 2) the doorman and the cleaners were extremely friendly and helpful; 3) the personal care products in the bathroom were very nice; 4) the TV selection, while not vast, did include HGTV -- something that I always miss when I stay at male-oriented business hotels. My traveling companion enjoyed using the Keurig coffeemaker.
Now for the cons. First, the rooms themselves could use a bit of a freshening up. The light switches seemed dirty, the corners of the shower were aged, the carpet had a small lump in the middle of the floor, and things just looked a bit aged. These little details don't strike one at first, but accrue slowly. And here is where I see the difference between, say, a Kimpton property and this hotel. I don't mean to imply that the room was dirty, just that it showed age -- not what I'd expect from a 4 or 5 star property.
Other downsides include the fact that I had to pay for wifi (9.95 per device, per day), that the elevator got stuck for awhile -- and I'm claustrophobic, and that the bed was a fairly standard mattress experience -- not a heavenly bed (I woke up achy, which usually means the bed was too firm).
I would stay at the Raffaello again, if their location were particularly important to me, but for the most part, I missed the Kimpton properties, and I'll probably stay with them next time I'm in Chicago.