I stayed at the Piazza Borsa for 5 nights in May. The location, in the historic center, is wonderful: just about at the intersection of two of Palermo's main streets, Via Roma and Via Vittorio Emanuele Corso. You can walk to most of Palermo's sites from there.
My room, 409, was tastefully furnished and large as was the bathroom. Initially, the room had an AC problem; it was unbelievably cold and so it was turned off my first night. Management fixed the problem and there was no further issue.
Breakfast was the only meal I had there (except for one dinner.) It was good but could have been better: the coffee that was served for the table (I was on a tour) was made from chicory and undrinkable. You had to order coffee individually to get a decent cup (there was no charge for this). The breakfast offerings were varied but there wasn't enough choice of fruit. There was a lot of starchy breads and wonderful cakes and pies, though more apt for dinner dessert than for breakfast.
The hotel didn't have any decent maps of Palermo (supposedly they'd run out) so had photocopied a map which was practically useless. The printing was very small and ink was pale.
I would definitely recommend the Piazza Borsa with the caveat that not everything may function as it should.