My wife and I just got back from a three day trip to Prague. We stayed at the Ibis Old Town, which we chose for its location. We weren't dissapointed. We had an excellent stay. The location was indeed perfect - 10 minutes walk to the beautiful Old Town Square and if you want shopping then there's a large mall a few doors away (Palladium). The hotel staff were all highly efficient (we found that to be a Czech trait), friendly and very helpful. It's a modern building, clean and well run. A big pub across the road (although we didn't try that) and a lovely little Italian restaurant a few hundred yards away - Ristorante Longiano (turn left out of the hotel).
If your tastes in hotels are for luxury surroundings then don't choose this one. Ibis are no-frills hotels but they do that job really well. But if you're looking for a clean, efficient, excellent value place to stay in a great part of Prague then this hotel would be a great option.
Breakfast is a cafeteria-style buffet which was fine for us. Gets a bit manic at busy times in the morning but quite a good choice of food. Breakfast is available till midday so we left it until after 10:00 one day and things had become a bit more sedate by then.
Free internet PCs in the bar too.More