This museum is in a great location, in the Royal Palace on the hill overlooking Budapest. The basement area is particularly interesting - a warren of passageways and staircases connecting rooms from different phases of the castle's history.
The main exhibition areas on the higher floors are a fairly standard progression through the history of the city of Budapest. I felt it covered similar ground to the Hungarian National Museum (which is arranged in a more interesting way).
There's a small cafe and shop at the entrance, and you can get an audio guide covering some sections of the museum.
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