I stayed at nine nights in this hotel in October 2012. The room was quite small but it was cleaned well everyday. The room was equiped well (water kettle, minibar, satellite Tv). There is very busy road in front of the hotel so light sleepers may have so problems. I didn't use hotel restaurant because it was easy to get breakfast from nearby cafes.
The location was fantastic. Prince Hotel was very easy to reach by airport bus nro. 6015 (buy tickets, hop on the bus at Incheon airport, exit last stop, cross the street and you are there). Myeongdong metro station is near so it very easy to travel around the city. Myeongdong are is several kilometers long neighourhood for shopping and dining. Large upscale departmentstores like Shinsegae and Lotte are also nearby.
In my opinion Prince hotel is a great choice for active travellers who does not need a big lobby, extra services, a pool or a gym. I didn't spend much time in the hotel during daytime in my holiday because there was so much to do and see in Seoul. For me it was good value for money!