Great location for exploring Prague. As the other reviews have pointed out, it is literally 2 minutes walk from Charles Bridge. There are a few nice restaurants in the area. It is a very nice neighbourhood, the Danish and Japanese embassies are next door.
The apartment is clean and well furnished. The bed was very comfortable. There is a restaurant directly below the apartment. We didn't find this to be a huge problem with noise. If you're an early sleeper than perhaps it would be a problem for you. There are 3 furnished apartments on the same floor. When we stayed, the other 2 were empty. We had a problem with the hot water boiler. The hosts tried their best to fix it, but it required replacing. There is now a new boiler which was fitted the day we left! It was nice to be able to check out at 1pm. If you need to check out later, there is a place where you can leave your bags. Overall, we enjoyed our stay and would highly recommend the apartment.
One minor point: There is no air conditioning, so perhaps we wouldn't use it in hotter months. We were ok in June when the temperature was in the mid 20's.