A great budget hotel
If you're traveling on a budget and don't plan on spending too much time in your room (such as was my case), then Hotel Innova is a good choice for a hotel in Paris. Our room and bathroom were very clean and we had a nice little balcony overlooking boulevard Pasteur, which made us feel as though we had our own little appartment in Paris. Do be aware though that the rooms are small (judging by North American standards), and the bed could have used a new mattress. The little TV only had 10 channels but hey, who wants to watch TV while in Paris?!
We ate breakfast at the hotel everyday - it was all-you-can-eat fresh pastries, coffee and juice, and the gentleman who worked at the breakfast parlor was super sweet. In fact, the entire staff was quite friendly; my only complaint would be that they sold us an Internet access card and when after 15 minutes we still hadn't managed to access our return flight information because the computer was so incredibly slow, they didn't accept to check the information for us or to reimburse us. So whatever you do, don't use the computer in the lobby!
As for the location, it was great because it was so central we could walk everywhere. There was also a metro station right in front of the hotel for when we got tired after a day's walk. It's not exactly a lively neighborhood at night compared with, say, the Latin Quarter, but if you walk around the block a bit you'll find quite a few spots where to stop for drinks or dinner. In fact, there was a great little spot right next door :o)