It is as the other reviews have pointed out. Spacious, well-located, poorly insulated, and noisy in the evenings. It's a functional flat for those who just need a functional flat and can put up with its shortcomings. It was what I needed for this trip, but wouldn't recommend it to families or light sleepers.
As for location, it's a 12 minute walk to Gare de Lyon. Useful for those who need to catch the morning southbound TGV. The nearest metro is Bastille (5 minutes walk), and that's where you'll find bakeries, grocers, pharmacies etc.