Kluau and I stayed there a couple of weeks ago and were both very happy with it. Right in the middle of the busy section, which can be a bit hairy to drive in, but presumably you aren't driving much anyway. Access to the bridge is basically across the street, and the area has many bars, restos, and haunted houses.
The Fallsview is way on the opposite side of the town, and seemed very removed from most of the action. It is billed as a conference hotel, which I can understand because it is a bit out of the thick of things. There is a Starbucks in the lobby, and one a few feet down at the something-or-another hotel next door. Views are great if you get on the Falls side. He had the jaccuzzi room, I didn't. But then I am a peon and he is the Man, so it was expected. Otherwise the rooms were identical, and afforded great views of the falls and the night time light shows.