We stayed at the Hilton Metropole last month. The hotel is very close to the Edgeware station and about 3 blocks from Paddington station. There is a bus stop across the street from the hotel (bus #23) that takes you to Trafalgar Square, and along to the Tower. An employee at the tube station recommended the bus to us and we found it convenient and a great way to see the city. The hotel itself was clean and staff was very helpful. A Marks and Spencer was just across the street as well as restaurants etc.

Sorry, forgot to mention, we booked through Priceline and got the Hilton Metropole for under $100 US.

I have read alot of great reviews for the Metropole. The $100 price point has left me scurrying to the Priceline site. I tried posting an impossible offer to practice with the service. I will read up and keep you informed.