We had a very nice stay at the Royal Court hotel in Prague. The hotel is very clean, the bathroom was very nice, the room was small and comfortable. Like noted before, we could sometimes hear other guests through the wall, but this was not really a problem for us. Also, the breakfast was very reasonable.
The location of the hotel is very good. We walked about 6mins to the metro station. It was then only 2 stops to the central city square (but with a change of metro lines).
All in all, you really get great value for the price.