From looking at the Google Earth aerials, it's not the most ideal location, yet its still head and shoulders above the Prime Osborn for several reasons, including:
1. Light Rail - It has a direct stop on Portland's Light Rail line, which takes you almost anywhere you want to go in that city, including Portland's International Airport. We have nothing in place like that and won't anytime soon (please don't mention the skyway).
2. Rose Garden - Unlike the Prime Osborn, it's not located in the middle of no where by it's self. The Rose Garden, which is where the NBA Trailblazers play, is virtually across the street.
3. Pedestrian walks - If you choose to walk across the river, there are a series of pedestrian greenways to cover the entire distance. Its one thing to walk from the Landing to Friendship Fountain, via the Main Street Bridge, but it's another to make that walk through a sea of surface parking lots and expressway ramps.
4. Surrounding neighborhood - No doubt, its not as lively and dense as the core of downtown Portland, but it's not in the middle of anywhere. The streets are gridded, there's buildings on them (instead of grass parking lots) and there's a full blown 3 story enclosed shopping mall, with a Nordstrom, Sears, Meier & Frank and a movie cinema, about 5 blocks to the East.
http://www.lloydcentermall.com/Both are a similar in terms of the distance from the heart of their downtowns, railroad tracks and expressway ramps. Outside of that, they're nothing a like, when it comes to surrounding context. Plus, what makes this such a premier convention center? People speak of the vibrancy of Portland's downtown and light rail, but you rarely hear them mention the convention center.
If we're going to have to pump money into this (either way) locally, why settle for an isolated second rate structure? We'd be better off, getting out of the convention business, taking that money and applying it to other needs in the community.