The pros :
1. The owner, Mr. Alfonso Perez, was very friendly and polite. He was at the flat when we arrived and was prompt to reply any of our queries.
2. The flat itself is very well designed and compact. It has all that you can possibly need - a music system with an iPod dock (a big plus with the family :)), a washing machine, a good kitchen, an iron, ACs, geysers, enough storage space, etc, etc.
3. Alfonso has put in a lot of thought in preparing the flat - the linen / towels was spotless and more than sufficient, supplies like tea, coffee, detergent, etc were provided.
4. Lot of eating joints nearby (but beware, all the Indian restaurants are run by Bangladeshis and though they seemed to be popular, the food didn't taste Indian at all).
5. The flat looks exactly like in the photograph.
6. The flat is a 15 minute walk to Atocha railway station as well as Plaza Mayor (centre of town), a 10 minute walk from Reina Sofia and a 1 minute walk from the metro (which we used extensively - the metro in Madrid was very convenient to use).

The cons :
1. The area was very lively (we saw some interesting street performances) but a little shady at night. That said, no one troubled us even when we returned a little late in the night.