I was pleasantly surprised by this hotel. We got a good deal for four nights' bed and breakfast in December 2004 for in the region of 60GBP each. I arrived not really sure of what to expect, but was pleased with what I found.
Both rooms were very large, and clean, as was the en suite. The food, both for breakfast (which was a hot and cold buffet) and in the evenings was always excellent and very reasonably priced. In fact, the food was so good that we ate at the hotel every evening except for the one we had booked the dinner cruise for. The hotel is situated a fair distance outside the main centre of Prague, but the tram stop (Solidarita) is a matter of yards outside the door. The number 11 tram will take you directly into the centre of Prague, and public transport is so cheap there anyway.
Some members of reception staff were a little brusque, but that gave us more of a laugh than anything else :)
The main problem I found with the hotel is that it is situated just by quite a noisy road, which didn't really quieten down too much during the night. If you're a light sleeper, I recommend bringing earplugs.
I would certainly recommend this hotel to others, as it was excellent value for money.