Meridian Hotel is about 15 minutes from the Plaza de Armas in Cusco and it feels like another city. The main reason to stay here is to save money compared to similar hotels in the city center. In my opinion, it's worth it.
The service is friendly, the hotel facilities are serviceable with good hot water, cable LCD t.v.'s and functional wifi. The rooms are cramped and the breakfast is pretty weak though. You might want to head into town if you desire more than a cup of juice, coffee and two pieces of bread. If you are noise-averse, request a room away from the street. I'm typing here now and it's almost perfectly quiet.