This has a good honest guide to hotels. If you enjoy safe and cheap, I'd go for somewhere around the Leopold Cafe, which you can find in the Lonely Planet.

http://www.vegetarian-restaurants.ne...htmwww.westend

But I always stay at West End Hotel, as the owner's an old school-friend of my best friend's father.

http://www.westendhotelmumbai.com/

I think it's fair for the price and location. It's a bustling area, and quite safe and interesting. Not far to walk to most of the highlights of Bombay. And one great thing is that EVERY taxi driver knows "Bombay Hospital", so you can always get back there really easily, and also from the airport.