Great location with unique decor. Fabulous restaurants near by, and a Whole Foods just down the street if you want to cook.
The transportation situation is really excellent. There are nearby tube stops, but we would recommend taking the bus instead whenever possible; it's often faster (the buses seem to come every minute), and the views are fun.
We also made extensive use of the Santander point-to-point bike rentals. There's a pickup point on Kensington Church Street, and from there we would bike through Hyde, Green, and St James Parks. You can take bike-only trails straight to Westminster/Trafalgar Square!