We stayed at the Lisbona for four nights over Easter 2006. The hotel is situated on the Canal San Moise just off the Campo San Moise. Its easy to find and the nearest vaporetto stop is no more than 5 minutes away at Vallaresso/San Marco. The hotel is in a great location for exploring Venice and the outer islands. Our room (no11) had everything we needed, plus a great little balcony for watching the gondoliers and water taxis go by on the canal below. The breakfast was a good continental buffet (hot croissants, rolls, cereals etc) - only 5 tables but it didnt cause any problems to us and the staff are very helpful.
We had a really great time there and would definitely return. If you are there for three days - its really worth getting the three day transport ticket - easy for hopping off along the Grand Canal and covers you to get to Lido, Murano and Burano/Torcello. The transport is really efficient and runs on time. The Alilaguna from the airport takes about 70 mins but at 11 euros per person - its a good deal and beats the water taxis at 100 euro a throw which are not worth it unless there are 6 or more of you.