Here's my two cents:

The area isn't bad. Like one poster who lived there said, it has some nice surrounding areas (e.g. little venice). But it is largely residential and I would not choose to stay here especially on my first trip to london. When I stayed there it was on a family rate of 56 pounds.
You have a good chance of getting this hotel on priceline for about ~$90/night (plus taxes) if you bid 4* in the Regents Park - Baker Street district. So if you want to stay here, go ahead and priceline it.

The priceline hotels in that district are:
Marriott Hotel Maida Vale
Marriott Regents Park
Hilton Metropole