I think most other reviews reflect what we experienced during our stay. One specific point I will make is the Santo Spirito area in general is very lovely and has a MUCH more "local" feel than other parts of the city. This was evidenced by the buzzing cafes in the morning and the people eating outside every night. It also has a nice little market outside every morning and a bigger one every Sunday.
And yes, the view is incredible. Steps are the cost of a view in an old building. If you don't value the view, then you will probably be bothered by the steps. The smell was the biggest negative for us, but it was manageable.