Myself and my partner loved our stay. We spent a week and we were able to explore the whole Lisbon area. Walking distance of everything you could need. We stayed during the St Anthony festivities and found it the perfect spot. We were close enough to the parties in Alfama but the local area was quiet by about 12am at the weekend so we could get some sleep too.
The restaurant on the street below could bother you if you were trying to get an early night but we were forewarned and are used to noisey city living.