Fantastic location for exploring.
Stayed for several nights during the summer - double with a view of the square. I found the hotel to be very nice, charming but dated (I don't think you can escape that feeling in Venice).
The staff was quite helpful in planning activities and tips for how best to see the island.
The property is surrounded by charming shops and trattoria's. I would consider this a romantic place to bring your loved one at a decent price (for Venice). As stated above and in all other reviews here, the location on SM Square is delightful and actually strategically convenient for walking. However, important to note, the hotel is not directly ON the water. This fact was not important to me but might be to some. Just a very short walk to the canal (50 yards).
Easy grabbing water taxis from this location.
I recommend a half day walking tour of Murano. Grab a water taxi.
I would stay here again but I'd want a good deal. If not a good deal, I'd be happy to explore other locations.