Our first option was the Wien Hotel, but it was booked out. Here is my experience:
1. Service: very good for the Ukrainian standard
2. Hotel in general: only if you want to experience old soviet times. Dark corridors, old furniture (not antique but just old fashioned and dusty), cracking old wooden floors, the rooms facing the main street can be quite noisy too.
3. Breakfast: you can't choose your food! Very Ukrainian breakfast.
4. Location: perfect!
5. Price: well, it all depends on the room you take. We had a semi deluxe room and it was by far too overpriced!

The last night before our early departure we had a non-stop party in the corridor in a wild fashion: a bunch of drunks singing and smoking until 4 (we had to wake up at 5). A very bad end for our stay here.

This was my first time in Lviv and I booked the George Hotel because of a positive review in the new Lonely Planet Eastern Europe guide. Overall it was okay and I have no complaints, but looking back I've got a few suggestions:

1. At UAH630/night (price I paid for a "semi deluxe" room), it's middle of the road, not too expensive, not cheap either. But I feel by Lviv standards (now that I've gotten accustomed), it's definitely more on the expensive side and you can find more charming accommodations if you have time or are plugged in with the locals. (the other "popular" Western hotels like Grand, Leopolis, etc. are even more expensive.)
2. The hotel location is great. It's at the southern base of the main square, a short 5-10 minute walk from a Tram 2 or 9 stop (convenient to get around town or to the train station in the western edge of town), and walking distance to everything else. The building is beautiful and ornate... but my room, while large, was sparsely furnished and didn't have the amenities listed on the web site (i.e. no hair dryer, couldn't get wi-fi from the room but it worked from the stairwell, etc.) This wasn't a big deal, and the hot water was plentiful - haha, a good thing - but water pressure was mediocre at best.
3. Staff was generally very good, cheerful, and friendly. I had no trouble communicating and overall it was a good experience. Oh, breakfast was pretty bad (no coffee, just tea, stale bread but you got two watery eggs and "sausages")... thankfully there are inexpensive cafes and such all around the block.
4. Also, my ATM card was acting up so I was very happy they accepted MasterCard.

So sure, I'll give this a positive recommendation (just barely), but I feel Lonely Planet and other travelers - after getting to know a city and researching the area - can definitely come up with better and more charming alternative. That being said, if you book the "tourist" rooms that share bathrooms, it really is a fantastic deal.

As I said, above all, extremely helpful and kind staff. Reception girl spoke very good English, and Polish as well. The room was very big, with three beds, bedlights, basin and mirror, TV and wardrobe. There was no bathroom though, but it was the cheap version. There was of course a toilet and a shower out of the room. We paid 410 hrynias per night for the whole room, so for three people. The hotel is located pretty much in the city centre, it's very easy to get anywhere you like from there. Incredible interior!!!

Hotel location is fantastic. Building exterior is beautiful. Staff is very nice and speaks English well. When checking in, make sure to get your Passport back right away - they want to keep it for some reason. Rooms are spacious, but very, very dated. Mine was a corner room and featured a nice balcony. The mattress in my semi-deluxe room was probably one of the most uncomfortable out of any hotel I have ever stayed at in the world. Amenities are so so, soap and shampoo is very basic.

NOTE: No air conditioning! I was staying in the beginning of July so it was very hot (30C easily). No AC isn't that big of a problem because you can just open some windows and it's breezy, but the street is so loud from cars, trucks, and people singing all night that you need to choose between quiet (windows closed) or breezy (windows open). For this reason alone, I would not return to this hotel.

The hotel offers free Wifi, which was intermittent and sketchy. OK for checking emails, but not reliable.

Breakfast is incredibly basic. The 'buffet table' is basically bread and tea/coffee, and they will make you eggs to order and give you a deli/meat & cheese plate.