The location can't be beat if you want to enjoy Philadelphia's nightlife. The hotel itself is clean and nicely decorated, and the rooms are nice, just what you'd expect from a Sheraton.
From the hotel, it's a short 2-block walk to the hippest nightlife in Philly. There are plenty of bars and restaurants attracting mostly a younger crowd in their 20's and 30's, but it is also an area older couples would enjoy. There are quite a few upscale restaurants in addition to dance clubs.
During the day, the hotel is within walking distance to the major historical sites. Really, the best way to enjoy and get to know the city is to walk it.