The views of the canal and over the roofs really are amazing. The location is also wonderful. It is outside of the main tourist zone, so you get more of a feel for Venetian life, but at the same time it is very easy to get to most of the tourist sights.
The cabinets and things are a bit dated, but I didn't come to Venice for a recently remodeled bathroom. I'd rather have a cheaper place with amazing views and a good location.