Stayed here twice, a week apart, September/October 2007, having also stayed October 2002. Would highly recommend the location especially for travellers without a car. Walking distance to Waverley Station, though taking a cab with luggage is not unreasonable. As others have mentioned it is just around the corner from the Royal Mile and therefore a healthy but comfortable walk to Princes Street and New Town beyond it. There are lots of cobblestones so wear sturdy shoes. I felt surprisingly confident and safe even walking on my own (40 something woman) one evening up to the High Street.
This is one of the few places I would say "skip the breakfast". Not there long enough this time to find alternatives but when I stayed in 2002 there was a brilliant internet cafe around the corner where I got an enormous bowl of porridge, doorstop toast and choice of tea/coffee for GBP 3.65.
Most exciting experience this visit was the whole hotel being evacuated due to a fire alarm, to which the fire brigade responded. As it was nearly 9 at night, many young families seen bringing sleepy children out. Some suspected burnt toast but I wondered if the young foreigner going through the emergency exit from the ground floor lift lobby had anything to do with it. I think better signage on the said emergency door is in order, as when you come out of the lift there it is, a big double door in the direction you think you should go, whereas the appropriate exit is in the opposite direction and behind you and takes you the long way to the hotel's front door.
As always, clean, comfortable and cheap is what we were after and happily what we got. We have no complaints about the noise from the street, though we closed the window overnight, and we stayed midweek .