Victoria Hotel

No smiles at reception when checking in and few others during our four night stay apart from one night where the male receptionist on the night shift was much more friendly than the others. Room was okay, but not exceptional and the fridge in the room was empty (so much for the mini-bar!). It may be 15 minutes walk into the centre, but it's more like 25 minutes back, largely because most of it is uphill.
If you're going down for breakfast, be early because there seemed to be a log-jam of people wanting breakfast around 9am (service is 7.30 to 10am). If you're eating out, then the music restaurant next door is fine with a reasonable menu and value for money pricing (you also get 5% off the bill if you show your room key card holder when you ask for the bill).
In the four days in Prague, we didn't use cabs, trams or buses, just our feet. Heading down to Charles Bridge at 7am was an ethereal experience and the Zizkov TV tower is about five-ten minutes behind the hotel. Other eating places we used during our stay included Radost FX for lunch and Enzo did a good line in a coffee and cake special for 99kr.
Would we go back to the Hotel Victoria? Possibly...