Good little base for our small family (two little children, two adults). The view is first class. Fairly small but has everything needed (pie oven was fantastic in the kitchen). The aircon is a little fiddly and bathroom is spartan but otherwise ok.
Generally good value for Queenstown given the location and view.
Walking distance to town although is definitely not easy as extremely steep street and the bottom is seemingly cut off by a few big hotels (there may be some stairs down to lake level?). Would be very challenging with ice in colder months. We generally drove down a couple of streets before walking into town which was nice.
If having a view when you wake up on a budget is important, then this is the place.
I would probably stay a little further away for less and have the benefit of a nicer place next time.