I actually went in August of 09 with some friends, and there were rather a lot of cons to this hotel which has received so many good reviews. The first issue occurred before we even arrived. Our plans changed about two weeks before departure and we tried to get a hold of them to change our booking (staying one night instead of two) however after multiple attempts we never heard back and just had to deal with it. When we showed up they acted very 'not impressed' and told us there were going to charge us for both nights regardless. The whole thing was extremely awkward and made us feel quite unwelcome, they acted as though they were scolding children. Although.. they never actually charged us, even though we said it was alright. So there was a complete lapse in communication between us and the owners. Unfortunately we were so embarrassed by the treatment we received upon arrival that we avoided them for the rest of our stay, and missed out on the free breakfast and had no opportunity to ask any questions about the hotel or area.
Secondly it was hard to find. Perhaps this is just me being used to Canadian norms, but I'm so used to there being more obvious signs telling me where something is. We walked right past it two times before we noticed the tiny little plate on the wall, and even then we had to ask at the Cafe next door how to get in (though he seemed used to the question, so we knew we weren't the only ones)! Not a huge deal, but something that's very good to know when you're looking for the place!
The rooms as mentioned were tiny. We stayed in a triple and it was extremely cramped. Altogether the rooms were not bad, they seemed clean, and for the price it was rather what we expected.
The main con however was that the shower was just stuck in the middle of the room. Traveling with two friends, none of us being extremely close, this made for some interesting moments whereupon the male in the group was told to go sit in the corner for a few moments while the women bathed. Although it was ultimately not a huge deal, it would have been really nice to know in advance that there was little privacy to be had in the room. The toilet being all the way down the hall was inconvenient, but probably expected in such old buildings, so not a major problem, though again it would have been nice to know that you'd have to walk all the way back to your room to even wash your hands. So not so much an issue with the room in itself, but certainly a severe lack of information about the room, which lead to a number of inconveniences.
Also as mentioned earlier, coming back late to the hotel was quite hazardous, the lights would be turned off, and there was windy uneven stairs up to our room. The floors would squeal bloody murder the whole way back as well, probably waking up everyone on the floor (and god forbid if you have to wake up to use the restroom in the night)!
Overall, I would probably go again and would recommend for someone traveling on a very tight budget, if only because its the cheapest hotel out there, but on an even marginally higher budget I would find another place. It's main pro was the location (which was fantastic) and is not a terrible place to stay, so long as you intend to spend as little time as possible in your room.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC