Located in the heart of the old town, you can't get much closer to the centre of the action in this city. The hotel itself is quite quirky - there really is no reception (or check-in) after 10pm. As other reviewers note, there are NO lifts, it's stairs all the way - and there's no air conditioning, although a fan is provided.
My room was large and spacious, and situated on the side of the building away from the market which is a lot quieter. It is worth upgrading to the deluxe room for that reason alone - the street outside is noisy long into the night.
The "free" breakfast is nothing special, but it will certainly keep you going until lunchtime at least. The staff are friendly, and ready to answer any questions you might have. The shower is also very good.
If you're looking for a decent mid-range hotel in Prague Old Town that isn't a complete rip-off (and isn't a hostel in disguise), you could do a lot worse than the Golden Age.