I stayed here for business for two weeks in February 2008. The hotel is clean, modern, safe/well-lit, and well-furnished, if a bit institutional. The front desk staff (generally English-speaking) is accommodating and helpful. My one-bedroom suite was very nice and had modern appliances, a full kitchen, newly-remodeled bathroom, and good sized sitting area. The bed was okay, but a little past its prime. Two-bedroom suites are also available, as well as more typical "efficiency" rooms in the second building.
The Volga's location is great; there are two metro stations nearby and I actually walked to the Kremlin in about 20-25 minutes. There are several restaurants within a 5 minute walk (including a delicious Georgian restaurant across the street) and a well-stocked grocery store 1 block away.
I wouldn't hesitate to stay at the Volga again whether traveling for business or pleasure.
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