Agree with Pausanias.

We took The Road to Mandalay ship from Bagan to Mandalay. We had a day tour in Mandalay, and it was enough. Compared to Yangon, Bagan and Inle Lake, it's far less interesting than what you might think (especially given the Mandalay name.)

Recommendation:
- Spend a few days in Yangon
- Fly to Bagan. Spend 2-3 days there
- Take a cruise ship from Bagan to Mandalay (or even to Inle Lake)
- Fly from Mandalay to Heho (Inle Lake)

In Bagan, we stayed at The Hotel @ Tharabar Gate. Very nice, but expensive given what you get. I would definitely go with one of the spacious suits; we were glad that we did.

In Yangon, definitely stay at The Governor's Residence - but... make sure you get a suite, and AVOID a room on the ground floor. You'll have zero privacy, and will have to keep the window blinds closed the entire time you're in your room.