I stayed at the Prince Palace hotel...
I stayed at the Prince Palace hotel for 4 nights at the end of August 2007. I normally do not stay in expensive hotels but I booked it via asiarooms.com and it was only 37 euros per night for a single room. Being my first time in Bangkok ann not knowing what to expect I went for it. Location is perfect. It is just in the middle of everything. I like walking so I walked from the hotel to Kao san road (20 minutes) and also to the first station (30 minutes) of the new skytrain (National Stadium) from where you can get on any train and go to the massive shopping district of Bangkok or to the riverside (Shangri-La hotel area just to be more precise). As I said I like walking but if you don't, you just have to pop outside the hotel and many tuk-tuks or metered taxis will take you either to Kao san Road, the skytrain system or the temples for 50-70 baht (1 euro is 45 baht...so just make the math by yourself).
Breakfast in the morning is plentiful. I used to have quite a lot (it is a buffet breakfast with asian/european/american options) and sometimes felt so full that I used to have a very late lunch...say 4-5pm.
I would strongly recommends it to people with a mid-range budget who do not want to spend a fortune but want to live in a nice place. Rooms are very clean, made up every day, with cable TV and 2 bottles of water are free every day, plus they are very very quiet...something you will need after a day in caotic Bangkok.