My fiancee and I and another couple stayed there in November, 2010 and it was fabulous. The owners were extremely nice and helpful and we had everything we needed. The town of Panzano is about a 5-10 minute walk-- very close, but no sidewalks so be careful on the very curvy road into town.
We used Panzano as a home base and took day trips to Lucca, Florence, San Gmignano and a winery called Volpaia nearby. It was perfect.
Honestly, the pictures on their website do not do the place justice, meaning it's much better than the pictures. It was extremely clean and quiet, full kitchen (where we cooked some great meals and had wine most nights) and has a bedroom upstairs and 2 downstairs.
We had dinner one night in Greve and it seemed-- relatively speaking for small towns in Tuscany-- more active, busier with more dining options than Panzano. It's a bit bigger than Panzano but Greve is only 15 minutes driving up the road.
Casa Ramoli is a gem-- ask the owners about the exquisite olive oil they produce with their olive trees on-site.