I stayed at the Arizona in May for four nights and would recommend it.
It's quite central - pretty much everywhere is within walking distance in Florence. It's less than a ten minute walk from Sante Croce in one direction and about 10 minutes from the Accademia in the other. I would recommend a map though as I arrived and veered off in completely the wrong direction!
The hotel is a small hotel and my room was like an attic room, but with a window with shutters that overlooked the synagogue. The room was a fair size with a TV and fridge. The ensuite had everything you need and wasn't too small.
Breakfast was continental with the woman from reception checking that nothing ran out on a regular basis. The morning she wasn't there went a bit off as the men weren't really on top of things, but no major problems, just the tables not cleared as quickly.
The staff were all very nice and helpful if you needed directions or advice on how to get somewhere and I did see them going to the supermarket specifically to get soya milk for one of the other guests.
There are also plenty of supermarkets nearby in case you need to buy water, juice, etc.
Overall, a nice liitle hotel, pretty central (without being noisy)with very reasonable rates.