I have visited Santa Fe many times in recent years, and the Inn of the Anasazi has proved to be my favorite place to stay. The service is really excellent (which I attribute to the high standards of the Rosewood Resorts). The rooms have all the upscale amenities -- really plush beds with nice linens, thick terry bathrobes, toiletries that smell delicious -- and they even provide humidifiers to help soften the desert air. The decor is Southwestern without being kitschy, which is refreshing for Santa Fe. I am a light sleeper, so it is very important to me to have a quiet room, and I've never been disturbed at the Anasazi. Room service breakfast is prompt and tasty. The restaurant and bar are outstanding.
Bottom line: you can spend $400 or so at a lot of hotels in Santa Fe, but at the Anasazi you will feel that you are really getting what you've paid for. In my recent experience, it is far nicer than Ten Thousand Waves (tattered furniture and surly service) and the Bishops Lodge (moldy bathroom, cavelike room, poor service). Plus you are in the middle of town, which cannot be beat!