I stayed at the Hilton back in '03 since I had points for a GLON award. I think I was Gold at the time which put me on their top floor with club lounge access (forgot what they called it).

In any case, the lounge was great - free drinks (alcoholic and otherwise), appetizers, and internet access all day. Check in and check out were also there.

It's a little out of the way, but still within walking distance from the center of town and a great alternative if you get on this floor.

Things to do - drinking beer (pivo) is a big activity in Prague, and Czech is one of the few places left where absinthe is still legal. Definitely check out the major historical/cultural sites - the castle, bridges, etc.

Food is nothing to write home about. Try the borscht and other local dishes, but Prague wasn't memorable for me for anything I ate.