We booked a double Corrola room at Posada del Leon de Oro and they kindly ungraded us to a balcony room (first floor) instead.
We were very warmly welcomed by the reception staff who whipped out a Madrid map and showed us a clear route to catch all the main sights in Madrid and places to catch a bite.
The room was very clean and it was quite nice to people watch from the balcony. The furnishing is very quirky and modern. Lots of mirrors in the room also made the place seem very spacious. The room also boasts a Sony Bravia TV. I didn't watch any TV, so I don't know if there were any English channels.
The bathroom light blew out on the second night, but after we alerted the staff the following morning - it was replaced by the time we got back to the room that evening.
If I had to pick up on a couple of negatives:
1) we were allocated a twin room instead of the double that we originally reserved. However saying that, we weren't too fussed and we liked the room enough. After all, a hotel room is a place for a good night's sleep. Which leads me to my next point...
2) We would hit the hay around 12am most evenings and we would be able to hear the murmour of people chatting outside the local tapas bars (the hotel is right next to lots of great tapas bars/restaurants). If you are a light sleeper, I would suggest that you request a non-street facing room... or time your bedtime with the locals'. Personally, I can sleep through anything so this was not really an issue for me.
Location wise, it is within a few minutes walking distance to most of the main sights of Madrid (Sol, Plaza Major, the Royal Palace, Mercado San Miguel), a couple of supermarkets and lots of tapas restaurants. La Latina metro station is only a 3 min walk away.