I stayed there in 1997. Location is excellent, Piazza Navona. I wasn't interested in being by the Spanish Steps, Via Veneto etc.

Rooms were average size, public areas nice. The staff was slightly gruff and unapolagetic. Concierge was terrible, giving me a hard time about making reservations, one night not actually making the reservation.

That said, I've not heard really great things about most of the 5 star hotels in Rome (Raphael is a 4 star) which tend to be +-$200 more a night than the Raphael.

It is by far not my favorite hotel, but my understanding is that Rome is not a great hotel city.