This is a great place to stay. We stayed in the Family Suite, room 2. From bed, we could see the famous Charles Bridge, which was literally about 40 ft away.
First tip: call to confirm! When we arrived, they did not have our reservation. When I showed the email from this website, he was able to find a record of it, but claimed that they had not sent them a confirmation. I'm sure that it was this website's fault, but I didn't want to push the issue. The Junior Suite we had reserved was already taken, so they put us in the much larger Family Suite.
The location is very good, although I'm glad that our first few nights in Prague, we stayed in Old Town. This hotel is probably a 10 minute walk from the Old Town Square, and even further from New Town (Wenceslas Square, etc.).
Our room had a computer with internet access, a mini refrigerator, small stove, dish washer, some typical kitchen tools, etc.
One small complaint: the air conditioner in the master bedroom was a unit right under the window. The vent pointed straight up such that it would blow air behind the curtain. So you have two choices: 1) close the curtain and completely seal off the AC from the room, or 2) open the curtain even just a little, which will give thousands of tourists standing on the Charles Bridge a front-row seat to look into your bedroom.
The free breakfast was superb, as good or better than what you would get in most pensions (or American bed & breakfast).
This is a great location for the Castle and Charles Bridge. It's an ok location for Old Town, and not particularly good for New Town. It's probably an 8 minute walk from the Metro.