The Prince de Galles is our default hotel for Paris, have always enjoyed our stay. We were there for New Years last year ('05 not '06) and have a fabulous time. We were staying on reward points and received an upgrade to a very nice suite (posted rack rate was 1500 euro).
Other stays we've had more standard rooms and have always been happy. The location is very convenient for shopping and wandering around.
Cheers,
Jeff