We stayed here during the Olympics for 4 nights.
Pros:
Decent location

Cons:
Drunks outside EVERY NIGHT. There is a hostel next door (Central Hostel) and they yell, sing, fight and howl ALL NIGHT. Literally until 04:30 - 05:00. The next morning, the area is littered with bottles and cans.

The sole employee at the front desk was completely disinterested in being helpful. We arrived exhausted from traveling for the previous 14 hours aboard an aircraft that seemed to be prone to mechanical delays. I asked if she could recommend a restaurant nearby for a bite to eat. Her reply...."No". That was it - no. I laughed uncomfortably, not knowing if she was joking and asked again. She said, "I don't know if you want a restaurant to sit down or a deli". I said that I just wanted a sandwich or something and she said - "Go to Subway". I don't think there is even a Subway nearby.

There is only one towel in the room per person. No face towel or hand towel - and it wasn't changed by room service.

No air conditioning!! and you couldn't open the window due to the drunks outside!

WiFi is ridiculously expensive.

We wouldn't go back.

Why - surprisingly? Because I got used to the fact that most hotels in London are crappy, but nevertheless expensive. I've read lots of reviews before choosing this one, most of them were positive. But still I had doubts. My trip to London was right before and during the Olympics, so I didn't have much choice. Princes Sq. prices seemed decent, and location was good. So I took the risk ))
Double room was not too big, but considering this is London we're talking about - good enough. Furniture looked new. The hotel in general looked renovated. Clean bathroom. Comfortable bed. Big-size mirror in the room! Not too much space in the wardrobe for two, but we survived. Helpful staff.
Location is good. It's close to Bayswater, but keep in mind that District and Circle lines have more delays than other lines, especially in the morning. So it might be easier using the Central line instead - Queensway station is just extra 3 minutes walk.
The area is nice - lots of shops, pubs, cafes and restaurants around. Very nice greek grocery just around the corner - fresh fruit and yoghurt - good substitute to hotel's breakfast.

The Location of the hotel was quite good, very close to everything. Parkng close to the hotel is quite expensive and Internet connection is at nine pounds a day. Room extremly small for a double and the area was quite noisy due to youth hostels near by, so be prepared to sleep quite late. Toiletries are very basic, just a soap and some used shampoo. Breakfast was too basic but at least fresh.