This is one of my favourite hotels in Amsterdam and I have stayed there at least half a dozen times and always enjoyed it.
I'm slightly loathed to write this review as it may become a bit too popular, but they do deserve my recommendation, so here goes.
First of all the good things. The location is excellent. It's a short walk away from Central Station and really well connected. There's a tram stop just outside and 2 bike rental companies just round the corner (the Yellow Bike company in front, and White Bike behind).
A hot tip (for any newbies to the City) is to get the train from the airport to Central Station and walk to the hotel. Use a map if you're unsure, but as long as you go to the right-most exit from the station, you'll be just 5 minutes from your room!
The rooms are small..just enough for one, probably two if you're an intimate couple. I always get the "deluxe" rooms which are modern and funky. Be warned that the bathroom is a frosted glass cubicle, so you'll have to be comfy with your partner possibly "enjoying" the view! By Amsterdam standards though, they are fine and very clean.
One of the annoying things about the rooms is the location of the light switches: they are on the headboard, so if you lay in bed watching telly or reading a book, you'll find yourself playing disco-lights accidentally! ... I've never got used to this (the designer should be rudely told off! ;) ) The other potentially annoying thing is the sound of the council trucks cleaning up in the morning: it pays to get a high-up room to avoid the traffic noise (it is a city after all).
The other thing I've enjoyed about this place is the staff. They aren't hugely outgoing or overtly try to help, just very normal and friendly and cosily, unfussily welcoming. Peter has been there for a while now, and I often see the same faces which is nice. Like any place, if you smile, they smile back :)
The hotel is easy walking distance to the main attractions: the Flower Market, Leidseplein (a little further), Dam Square, and the Red Light district. If you fancy something different, one of my favourite times was hiring a bike; taking the cheap ferry (the other side of the station) across to the North and cycling around all the pretty (old fashioned) dutch dwellings alongside the canals: it's a much quieter and calmer experience than the usual and recommended on any sunny day.
Back to the locality: right outside the back is a smaller red-light area that I prefer to the main drag: it's more humane; a little more for the locals (although in recent years seems to have become less so). You'll find the beautiful Martine: star of the film "Ouwehoeren" there and many other more friendly ladies. If you cut across the shopping streets, you can get to the main red-light area for a wander round. Also to the back (west side) there are some very lovely streets with boutique shops including some nice art shops and cafes, etc: a very pleasant stroll for window shopping or people watching. One time there was an outdoor festival here: just on the canalside - it's the kind of thing that makes Amsterdam a special place and seems to happen quite often (maybe they do it just for me?)
Again, more locally there is a gay cinema round the back of the hotel and some nice restaurants and a gay bar too ("Prik": the names are always amusing to us English speakers!). Also, there's a great music/nightclub just round the back called "Bitterzoet": again one of my favourites (if you're feeling young, fresh and funky, check it out). Back on the gay theme, just over the road is purportedly the largest dark-room in Europe..in the Cuckoos Nest: a gay cruise bar with a downstairs dark area, and for more cruising, there's a fun place on the main Damrak which is a cinema with a viewing/cruising area upstairs. They play loud banging music, so if you're bored and want to sit and watch gay porn with your ears pounded it's great.
Finally, if you're really bored, you might be lucky enough to have one of the rooms overlooking one of the red-light windows; in which case you can while away any downtime watching what goes on: it's a fascinating sociological study, but not anywhere near as interesting as it might sound, but it does at least beat 24 hour CNN if you want a few hours inside.
In summary: a very well connected, easy place to get to, in a prime location, at a reasonable price with clean, well-appointed rooms.