The rooms at the lodge are basic but fairly large and clean, with enough room to throw your stuff all over the place. Large open closets and decent-sized bureaus have enough space for gear, packs, and clothes.
Some of the rooms are smoking rooms, so if you prefer nonsmoking, make sure you request nonsmoking when you make your reservations.
Some of the rooms have balconies/porches. There are no TVs but there are phones. Most rooms have a table and chairs - good for making up a quick picnic lunch or playing a board game.
The bathrooms are spacious, and we've never had problems with hot water running out or water pressure. All the rooms we've stayed in have had large vanity/sink areas.
The location is great - a few minutes' walk from the base of Yosemite Falls. The shuttle stops right in front of the front desk/reception area. (There's also an activities desk area where you can arrange outings located in the reception area.)
Other amenities include the Mountain Lodge Restaurant, the bar, a small general store, the cafeteria, and a gift store. Some of the ranger lectures are held in the complex as well.
Parking is abundant.
The rooms are a little expensive for a place with a basic feel, but how much time will you be spending inside the room itself? You're paying for being smack in the middle of Yosemite Valley.
Camp Curry has cabins with more character, but the location isn't as convenient.