I stayed at the Villafranca for a week in February. I normally stay in the historic center, but I chose the Villafranca this time in order to save money and also it wasn't really a sightseeing trip for me. It was an excellent choice. The hotel was just fine. I had a single room with a window out back. The heating worked well - I often kept the window open for a little air. This was one of the quietest hotels I have stayed in in Rome. I heard no noise from any of the other rooms or hallway. There was a sort of generator outside that was usually on, but the noise didn't really bother me. The bedroom was an adequate size - larger than some single rooms I have had in Rome. The bathroom was big enough to move around in. The shower was a bit tight, but again that is common in Rome. Everything in the room worked well. There was good light too in the room. the bathroom could have used a little more light. The room was cleaned daily. No signs of the shabbiness others have mentioned. I watched TV a lot but did not use the computer terminal in the room. It was too fiddly. I signed up for it and then found it too difficult, so I called the front desk and they took the charge off my room. There are plenty of cheap internet spots in Rome anyway. Breakfast was very good. There was a lot of choice to cater to any tastes. The fresh cut pineapple was a great addition. I especially liked the selection of newspapers in English and Italian for people to borrow. It was nice to read the paper with breakfast.
I didn't use the metro much, preferred the buses. The 492 stops right by the hotel, but it takes a long route into the center. Another option is to take the 10 minute walk to the bus terminal in front of Termini and catch one of the several buses going into the center. Personally I would avoid the 64, since that is known for pickpocketers. I bought a weekly transport pass for 16 euros - Rome is definitely a bargain for public transport.
As others have noted, there are grocery stores and restaurants galore around the hotel. The pizza place on the main road just around the corner was my favorite. Can't remember the name but it was just a little stand up shop. I got it to go a couple of nights and ate it in the room.
So if you are looking for a bargain and don't mind a short (15 min) ride to Piazza Venezia, this is a great option.