My wife and I stayed at the Raffaello on March 11-17, 2012, and were very happy about our stay. Our room was on a small side but ok for 2 people. Bathroom was decent size and had a shower only, which was fine by us. Both room and bathroom were clean and comfortable.
This hotel is located fairly centrally - close to both Termini train station and the Colosseum (10-12 min. on foot), and 5 min. away from the Cavour metro station. It's located in an old residential area called Monti, and is in close proximity to many good restaurants, bars and small grocery stores.
The hotel elevator is very small and could barely hold the 2 of us and 2 suitcases. Free internet via WiFi was available but somewhat slow. Raffaello could improve by adding a printer in the lobby for the guests' use. Breakfast was excellent and service very friendly.
Overall, I would recommend this hotel for people who like walking to do their sightseeing and who don't expect a Ritz. I booked directly through Raffaello's website and paid around $900 for a week.