I booked this trip through Priceline about 6 months in advance for $90/night ($108.21 with tax). This is a great rate for a hotel in London, where rooms usually go for $170+.
Now right off, this hotel is not in the center of London. It is a brisk 10 minute walk to any stores up Kensington High Street. The closest train station is Kensington Olympia 2 blocks away. Trains were pretty regular during weekdays (didn't wait more than 5 minutes) but I wouldn't try it at night or on weekends. As others have said, the 27 bus also goes straight there from Paddington Station (Heathrow Express). Also, if you don't have lots of bags, walk from Kensington High Street (Circle and District Tube lines). It's a 10 minute walk South on Kensington High Street.
If you're looking for a hotel which is in the center of everything, this is not it. But you'll also be paying for that convenience. It's worth your while to book this hotel and take a cab to and from the center. The money you save from the hotel will more than pay for that.
The rooms are larger than the typical European hotel. Ours faced the back with a view of other buildings and a small children's playground and backyard. Walls were thick and I didn't hear much from the neighbors. The staff were friendly though I didn't need to ask them for much.
As others have noted, don't use the phone if you can help it. The cost is 2.5 pounds for any call. Instead, go to the pharmacy next door, buy a 5 pound calling card, and use the hotel's 2 lobby pay phones. Also, don't touch the mini-bar as it is on a spring weighted system and if you touch anything, you bought it. There is a Waitrose supermarket 4 blocks up the street (North) if you want to buy food or drinks.
All in all, we had a very pleasant stay here with no surprises. Clean room, nothing fancy. At the rate I paid, I have no complaints whatsoever.
P.S. Best way for cheapskates to get from Heathrow to this hotel. At airport, get an Oyster card (their version of a bus/train card).
Take Piccadilly line from Heathrow terminal to Earl's Court Station. Go upstairs. Take District line (Kensington Olympia direction) one stop to Kensington Olympia. Get out of station, make left, make another left, walk 1 block. Cost is 3.4 pounds. Takes about 45 minutes.
On an unrelated note, the Brits have got to be one of the most friendly people on the planet. Very polite and well-dressed.
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