We stayed there for a long weekend in July. Bottom line is that if you're paying cash from your own pocket, it is the best *wood value in Florence.
The hotel is nothing special (rbAA's comments are very accurate) - it's a standard Sheraton (which when compared to most European hotels in this price range is a good thing). Nice pool, large rooms, lots of free parking, free shuttle to downtown, close to the autostrada for your trips into the Tuscan countryside. Restaurants are OK but nothing special.
The hotel is on the outskirts of Florence, just inside the autostrada ring road to the south. The area is not completely developed so there is a lot a vacant land around. I would categorize the general area as industrial. Never felt like it was a dangerous area; the obvious criminal activity (the female nighttime variety) was confined to the north side of the Arno River, closer to downtown.
The former CIGA properties in Florence (the Excelsior and the Grand) have much better locations and are classier properties, but you will pay 2-3 times the price that you will at the Sheraton. I might consider burning *points for a special stay at one of these hotels, but I would never pay that much out of my own pocket. You are, after all, in Florence - the cultural capital of Italy. How much time are you planning to spend in your hotel room anyways?