If you only have three nights, I think staying in the center is a good idea. It is not as charming as Recoleta or Palermo, but in my opinion the location is much better to move around and get to know the city.
You will be walking distance from many of the places to visit (center, Retiro, Barrio Norte, San Telmo and Puerto Madero for example) and you will have three subway lines to choose from. The area itself is great during the night. I do think that Corrientes avenue (where La Plaza is located) is more interesting than most of Palermo. Of course, it might just be me!
It is also noisy and loud all day and all night. I would never live there, and I would prefer always Recoleta. But staying three nights, I think I would prefer the center.
Edited: 11 years ago