Betty,
Champagne is really nice but honestly, I enjoyed our regular Restaurant meals on the Cloud just as much. The Italian restaurant is really nice also, and they rotate their menus every 3 or 4 days so you can try them a couple times per cruise.
Joan & Joe,
We are sold on Silversea. The prices cannot be beat. Like Suzanne, we tend to either go on self guided tours, or hire independent tour guides. So for us the price you pay for the "free" excursions on Regent just are not worth it. The Cloud is a wonderful small ship. We sailed it from London to the Baltics. It's due for a major dry dock later this year. The Hot Rocks restaurant is supposed to be added during dry dock.
If you have any other questions that haven't been covered, please ask away. I think there might even be a couple of people on LCT who may be on your London to Iceland cruise. Here are photos of our Baltic cruise
http://worldflyer.smugmug.com/Travel/2012-Baltic-Cruiseand here is a video of the Cloud sailing out from Tower Bridge in London. Another great reason to take this cruise if it does this:
http://worldflyer.smugmug.com/Travel/Movies/Silver-Cloud-Sailing-Under