We loved the location, was away from the main tourist area of San Marco Square, but close enough to walk in. Advantage of this is we were able to find cheaper places to eat/drink and not have the masses of crowds all the time.
The apartment is an excellent place to explore Venice. The only disadvantage we found with the place is the extremely thin walls, you could hear conversations next door, people walking in the communal stairway and outside. I always take earplugs with me when I go away and they were definitely needed here, but if you can do that, don't let it put you off.
Caterina, is a lovely host who made us feel very welcome.