A rather expensive hotel, but look for prices in different websites and you may be able to get down the price considerably. We paid 90 pounds per night, they ask 135 pounds if you go through the hotels own website.
The room was nice, nothing fancy or inspiring, but clean and functional. The traffic outside our room was a bit noisy, as we had a major street crossing about 5 metres from our window. A nice place to sleep for a few nights. Free wireless internet, very appreciated.
The location is excellent, and that is of course what you are paying for when staying at this hotel. It is just by the railway station, and a very short walk (2 minutes?) from the busstation. Walking "into town" takes a very short time as you are in the central city already.
If it were not for the price I would give this place rave reviews. If you find a good deal on the room or do not mind that it costs a bit, I really recommend this place as a base for exploring Oxford.