The location - on a hillside with great views over the Saronic Gulf and islands - offers huge visual impact and the public spaces (pool, bar, etc) are well maintained and clean. The rooms however are in dire need of re-furbishment. Billed as an apartment-hotel, the 3-person room came equipped with an ancient electric stove, a sink and small 'fridge but virtually no eating/drinking utensils (eg: only 2 non-matching glasses, two coffee mugs and an assortment of plates). A notice warned that guests were responsible for cleaning all used utensils but the room was not equipped with cleaning materials or kitchen towels. As we were only 2 and were mostly eating out, the lack of proper food preparation facilities and tableware didn't really bother us, but it could have been a major issue for example for a family who were seeking proper self-catering facilities. The bathroom was also tiny (a sideways squeeze was necessary to enter/exit the shower), but the necessities (hot water, towels, etc) were all there as needed.
On the plus side the staff were extremely friendly and did their best. The room wasn't equipped with a corkscrew (remember this was supposed to be an apartment) so we had to ask the reception for one which they readily rustled up from the bar for us. The breakfast buffet was unimaginative but offered a good choice of the basics (cold meats, cheese, cereals, croissants, endless coffee, fresh fruit, fruit juices (though not fresh!)) despite the fact that there were few guests in the hotel during our stay in early June 2010 - in fact we had the dining room to ourselves during breakfast each day - ditto the pool.
If you're looking for a close-by but cheaper alternative to staying in Nafplion (about 10 km distant), Tolo is a good choice: a small fishing village which has been overtaken by the indigenous tourist trade but on a manageable scale - about 2.5 hours drive from Athens airport. A good, wide choice of restaurants line the waterfront in Tolo and all the attractions of Nafplion only a short drive away.
If the Panorama could upgrade its rooms and maintain its public areas, it would be a worthy 3.5 or even a 4 star hotel - at present it is really in the 2-star category.