If you want to stay at the...
If you want to stay at the Continental for its history, do it - but don't do it because you're looking for a good deal... we stayed there for one night, and were rather disappointed. It did feel a bit like staying in a hotel at the turn of the last century, but wemore like staying in a state-run hotel.
Rooms are big and clean though a bit run-down, service is as expected, and the breakfast is great. When we returned to Saigon a few weeks later, we stayed at the Honghoa Hotel in the backpackers quarter, and for a third of the price we good superb service, clean rooms in a good location that were admittingly much smaller though still big enough.
If you are have moneyy to spend, do it, but I'd advise doing it at the Continental - if you are merely looking for clean rooms and good service, you should really check out some of the hotels that offer rooms for 10-20 US$ - even though they are cheap, they offer excatly that.