The Peabody is a lovely hotel, with a lot of history. The ducks are charming and memorable. The catering for the conference I attended was very good, and the staff was consistently friendly and welcoming. The air conditioning in the meeting rooms is very aggressive, so bring a sweater. Also, there really aren't enough elevators to handle the traffic when meetings get out and everyone wants to go up to their room, so be ready to take the stairs sometimes.
One of my favorite places to visit especially during the fall around Thanksgiving and Christmas. The duck walk is pretty cool to enjoy. I also like to visit during Memphis in May and during the summer months when they are having rooftop parties overlooking the MS River. As to spending the night at The Peabody I'll just say some rooms are more comfortable than others keeping in mind that this is a very old motel therefore some rooms are not sound proof and are concrete and that's been the only downside to staying at this hotel. If your next door neighbor for the night is talking loudly or if there are crying babies next door you'll be up all night. I think next time I visit I'll just go for the lobby scenery and avoid actually staying the night there.