A friend and I traveled in January 2003 to the Villa Florence. We were happy with the size and decor of our room (two queen beds, corner room with big windows). The accommodations were tasteful, emulating a certain Italian style, and the beds were comfortable.
The lobby is lovely, the staff could not have been nicer or more helpful, and the breakfast that came with our package was superlative (as in "made to order").
However, despite all its charm, there are two factors that would preclude a return visit. One, Union Square is NOISY. And I mean "as noisy as Rome," with sirens and a substantial amount of noise from the street population who congregate at Union Square. Even with double-paned windows and earplugs, it was loud all night long. Secondly, parking on Union Square adds a sizeable chunk to the cost of a room, and the inconvenience we encountered while retrieving our car was an unpleasant surprise. If you can sleep where it's noisy, this is a fine hotel, and there are often bargains to be had.
As for me and my Princess and the Pea ears, we'll choose another neighborhood.