The neighborhood is classic Paris - there are at least 4 pastry shops within 3 min walk, as well as a cheese shop and a half-dozen neighborhood cafes. It is very close to a metro station, placing most of the key tourist sites within 30 minutes.
The place itself worked well for us - two adults and two smallish children.
As for downsides, we were there in the peak of summer so we missed not having air conditioning. Being on the top floor helped us get a good breeze flowing to cool the place in the evening. The linens were clean but a bit threadbare.