Mark & Fran's place is fantastic! They are very nice and hospitable. This is our second time staying at the Laneway house and we love it! We plan on coming back next year and staying at Mark & Fran's place again.
I lived in Vancouver for a few years, so I know the area a little better than most -- however, my wife has never been and felt the location was superb. It is out of Downtown, but only takes a 15-20min drive to get there. You are still in Vancouver and are surrounded by good stuff. If you don't have a car, you may want to reconsider locations. There is public transit nearby, however I don't think Vancouver's public transit is as efficient or on the same scale as cities like New York or London.
Regardless, I highly recommend staying here!