We stayed for 5 nights at Borgo le Terraze over Easter (April 2010). The apartments are in a beautiful location in the very small village of Vergonese at the foot of the hills about 1.75 miles outside the main centre of Bellagio (not 2-3 miles as in other reviews!). The views of the lake and mountains are quite breathtaking. The apartments are new, clean and modern and have a tasteful contemporary style (ours was very White Company). The bathroom was also beautiful, fully tiled, big deep bath, 2 modern basins. Safe and internet facilities are free (cable only though, so bring one if you can - no WiFi). There's a small flatscreen TV but nothing much of interest on the channels list (BBC world news is about the only English language one). There was plenty of hot water at all times, although the complex wasn't very busy at this time of year. The room was cleaned every day but towels weren't always changed and under the bed was extremely dusty (obviously never cleaned). The swimming pool area also looks very nice and again has a spectacular view but was not getting much use in early April! Some of the rooms have a small kitchen area for self-catering and some (the ‘suites’) don’t, though they do have a fridge and kettle. When we booked it wasn’t clear what we were getting, so be careful to make sure (the ones with kitchen areas cost 10 Euros/night more). Breakfast is also 10 Euros/day if you want it.
If you're making your way by public transport there the simplest way to Borgo le Terraze is to get to the town of Como and take the C30 bus that starts at the San Giovanni train station (though it also stops outside the Nord Lago station on the way too - there are at least 4 train stations in Como), asking the driver to stop at Vergonese. You need to buy bus tickets in advance since the drivers won't take money - if you don't have a ticket the driver will probably make you stop at the first tobacconists en route and wait for you to buy one! It takes about an hour along the narrow twisting roads along the lake. Some great views along the route, but I’d left my stomach somewhere in Milan and the twisting motion of the bus through the hills wasn't doing me any favours at all. The complex is just 200m up a short uphill road back along the road from the bus stop and is signposted.
The complex is some way out of Bellagio and there are practically no amenities on the way there so everything you do is going to be at least a short trip away. There is nothing in Vergonese itself - on the way into town in the village of San Giovanni (about 800m away) there's a small grocery store, and a couple of bars. The hotel staff will happily shuttle you in and out of Bellagio on request until about 9pm and the drive is about 7 minutes. You are pretty restricted though if you don't have a car. The walk into Bellagio doesn't have a pavement for much of it, though we ended up doing it every day (about 40 minutes) and actually quite enjoyed it. The cars on the road are used to walkers along the route and it didn't feel particularly dangerous after the first 10 minutes. But the walk will definitely not be for everyone (uphill on the way back!) and is not to be attempted after dusk. Maybe the road is busier in Summer too.
Bellagio is a lovely town, quite quiet at this time of year but no doubt bustling in Summer. Ferries across the lake to various destinations are frequent. From the other towns we saw it looks like one of the more interesting ones in the area, with a bit more choice of restaurants etc. We’d definitely recommended Bellagaio and Borgo Le Terazze apartments, though for UK visitors it’s not particularly cheap with the pound weak against the euro.