Pros:
Location is fantastic. There is a public transit boat stop a few minutes away so we didn't have to drag our bags very far through the Venice cobbled roads as we've witnessed many tourists doing. Also a close walk to San Marco, Rialto Bridge, and many shops/restaurants.

Cons:
The place is located right next to a canal. As much as this is a pro for it has a nice view from the windows, the garbage pickup also happens right at your doorstep. So it's loud first thing in the morning. You look out the kitchen window and there is someone standing on their boat. It's a little bit unnerving.

Also, because you're right next to a canal... there seems to be lots of mosquitos. Keep the windows closed. After being eaten alive our first night, we discovered that if we directed the fan right on us during the night, it kept the mosquitos away from us while we slept.