Daniel's place is superbly located for exploring Prague. The Old City is but 10 mins. or so by foot and the train/coach station is under 5 mins. away. The flat is in the second floor (or third if you count the ground floor as the first) and accessible by elevator.
The appartement is extremely luxurious with, inter alia, a floor heating in the bathroom and a high quality oven in the kitchen. Unfortunately, the cooking utensils do not quite live up the same standard. The kitchen knives were not particularly sharp, there was only one decent sized saucepan, no grater or whisk and also no oven tray for those of us who like making lasagne or a gratin.
Overall though, these are more wishes than actual points of critique. It really is a great place to stay if you are set on spending a couple of days (or longer for that matter - there is a washing machine) in Prague!