I stayed here in August, 2007. I booked through their website. I believe we paid about 27 Euros per person which felt like a great deal. They accept credit cards.
The Institu is about a 15 minute walk from Santa Maria Novella, Florence's main train station. And about 10 minutes tops to the Uffizi and Ponte Vecchio. Definitely an easy walk once you get a feel for the city.
The Institu is very quiet at night, which I liked. Our rooms had an en suite bathroom - decent sized and very clean. Though I don't believe they clean your room during the stay, just before and after. The room had a wardrobe to store your luggage and clothes.
There are a few food options in the area, though you really have to walk to the center of town for more restaurants. A small market is in the same block, a laundromat is down the street, as is an Internet/call center which we used all the time.
The people at the reception area are very nice and there are bulletin boards throughout with info on the area. They even have a little book exchange in the office. And they will store your luggage for the day after you check out. I liked the fact that they give you your own keys so you can come and go. FYI - the reception office is open in the mornings and early evenings and closed on Sunday, so plan your arrival accordingly. They offer breakfast with 30 day notice and for 5 Euros. We passed.
