This is a terrific song and played often at dances. I am a dance host in town and on the high seas. Here are a few thoughts. In the end, one should do what they feel the music tells them to do.
A few points:
1) It is a perfect Cha-Cha tempo BUT
2) It feels GREAT for a sexy, moving Rhumba
3) It is interesting that you ask the question since I often end up slipping in and out of both dances, evoking a smile from my partner.
All of this may be conventional thought but I can tell you a couple of things that work for me.
4) You can actually do a Silver level Foxtrot to this that feels terrific. Most people won't do it because they immediately think "Latin" but I can tell you that I've turned some heads with a Foxtrot to this song. Besides Dean and Frank did know a few Foxtrot songs :)
5) Least obvious is... if you are on the West Coast, don't be surprised to see people doing a Nightclub Two-step to this. It may not be obvious, but the tempo and downbeat work wonderfully and it is my personal favorite, especially if your SLOW step uses a nice SWAY, like the title of the song. And... for a wedding dance, NC2Step is wonderful and not too difficult to learn - Ladies love it!
Sometimes I mix all four styles together. A lot of fun.
My two cents.