Flavia was just great host - she welcomed us with broad smile. Then with keys we 've received very thorough introduction to apartment appliances, couple very good advices about local restaurants and markets/shops, also two maps of Bologna centre with few guides for cities in proximity (i.e. Venice). In apartment we've received beer, juice, milk, coffee, some Nesquick, biscuits and many other things :) - it was very pleasant surprise!
Apartment is located just 5-10 minutes from the strict sity centre, it is cosy and silent in night - just perfect after yet another full-day of sight-seeing beatiful Italian cities. It is rather long walk to bus/train main station (around 20-30 minutes) but almost whole road is through beatiful arcades, some very interesting buildings and even piazza maggiore if you will choose correct streets. Also there are 5 restaurants in proximity - just few minutes walk, one restaurant was located just corner away :). Two small markets/shops are located under 5 minutes walk, reasonable prices, quite many small caffeterias in proximity if you don't want to make your own breakfast.
Bologna is perfect location to visit other cities in the area - we were in Venice, Modena, Ferrara which were not so far - trains are very comfortable in Italy and not so expensive (12.5 EUR to Venice, 5-4 EUR to Modena/Ferrara), with Kindle it is also not so long to reach these cities :).
If you consider to stay in Bologna - I absolutely recommend Flavia's tavernetta - you won't regret it :)!