Great value, a bit tired but clean
Stayed there over President's Day week in Feb, 2008, paid under 100/night for room with 2 queen beds with AAA discount. The front desk told me they also have a few larger rooms. The room had a microwave and a small refrigerator that smelled, but did work.
The place is in an outstanding location, as many others have noted, very near Farmers Market/Grove, CBS Studios, Beverly Hills, Beverly Center, Cedars Sinai Medical Center, etc.
Our room was very clean, well lit and the beds comfortable, though the furnishings were a bit tired and a remodel of the bathroom would not hurt. We had no real issues that needed attention so I can't comment on the service, though the front desk was friendly. They have a small restaurant on the premises -- we only had breakfast there but it was pretty good. It is apparently pretty hopping on a Saturday night.
Two other things are worth noting:
1. The pool is tiny and won't get much sun -- it's not something you'll especially want to sun bath next next to, IMO, and I don't think it would satisfy kids.
2. Parking -- they have an underground lot that is extremely tight. Although I did see vans and SUVs parked there, I would be leery of bringing a large vehicle into the underground lot. They also have covered parking stalls under the building (entrance via the alley) -- these are also somewhat tight to park in and some (not all) require you to go over a sort of hump that actually scraped the chassis of my rental car, a Dodge Avenger (no visible damage, but I backed out and parked in another stall). Street parking is available but has restrictions.