The only possible downside being that it can be noisy (depending on your room, we were 2nd floor) due to its great location right in the centre of things but as the whole point of going to Madrid is to experience the Madrid late nights (which come as standard) and the Madrid way of life, you will be totally fine.
We struggled getting to sleep the first night but that was due to late flight and heading to bed early. All other nights we just did the same as the people of Madrid and went out for dinner at 10pm (any earlier and the restaurants are empty anyway) so ended up home in the early hours when sleep came easy.
Breakfast is served 7am-11am. We wandered down at 10.45am every morning, ate breakfast and then walked to the parks, palace, museums, shops etc before back to bed at 6 for a quick siesta and then out again. If that is your plan too than definitely book here!
My boyfriend booked this and I admit that I was doubtful with it only having 2 stars but it was great and better than lots of others I have stayed in. Everything is within walking distance of the hotel doorstep and I felt totaly safe at night walking on the surrounding streets so no need for taxis, metro or buses. We just strolled back to the hotel soaking up the fun atmosphere.
