Great location in the tourist area if Old Town with lots of walking. Loved exploring the alleys and winding streets, and within long walking distance of the Castle, many small museums, train station, national technical museum, and national gallery. The tram and train system is easily usable once you figure it out, and we could handily take day trips out of Prague or explore the city on foot or with bikethe rental.
The flat is great for adults, or families with older kids (above 7 or 8). With younger kids, the fact that there are no screens or railings could be a problem. The flat was comfortable even on hot days with the windows swung way open, but they are a fall hazard. We had 2 adults and 2 kids over age 8. It was perfect for us, and we are grateful for such a well-equipped, well-maintained, and well-designed little place in such a good location.
Only real downside: not accessible for guests with physical mobility disabilities involving legs. One must climb two flights of steep stairs. Michal's property description is admirably straightforward on this.
BONUS: the kebabs and pizza place 2 blocks away was an excellent fallback option after a long day out. They knew our order by the and of our stay.