The location is so good that we didn't even use the car one day--everyplace we wanted to go that day was within walking distance. It's easy and quick to get to downtown LA by Metro--a couple of stations are within walking distance of the hotel. Our room was quiet and comfortable (ask for a room not facing Fair Oaks Avenue). The art on the walls is more interesting than in most hotels. The staff--front desk, concierge--were extremely friendly and helpful. Microwave and fridge in the room were good to have, though we didn't use them. Free wi-fi in the room and in the lobby is a big plus. Fitness room, pool, and jacuzzi are good to have. Parking at the hotel is expensive (minimum $15/day), and the parking structure is a bit awkward to use. Valet service costs extra, naturally.
Nearby restaurants: Russells, right down the street, has excellent breakfasts; we went every morning rather than paying for a hotel breakfast. The Beckham Grill, around the corner on Walnut, serves superb dinners. AKA American Grill, a few blocks west, is fun and tasty.
Disappointments: the room had no thermostat; heat and a/c are provided by an old-fashioned unit in the wall. The bathroom doesn't have enough towel bars. The face of the clock-radio isn't illuminated, so we couldn't see the time at night. These are minor disappointments, though. We'd definitely stay here again.