The place is nice and spacious. The location is quite convenient, it only takes a couple of minutes to walk to the blue line station so going downtown is usually going to take you less than 20 minutes.
The noise can be a problem if your sleep is light. There are bars that play live music several days a week, so that not only brings music noise, but also crowd noise to the apartment, as people walk out to smoke or wait in line and obviously never do that in silence. You can hear the train go by as well, and the blue line works 24 hours since it's the link to O'Hare airport. At night it interfered with TV watching.
None of that prevented us from a good night sleep though, but we are rather heavy sleepers, so as I said, if you are picky with the noise levels, I'd advise against this place, you will hear noise outside.