We stayed at El Faro for two nights. The rooms are very small, but relatively clean - the sheets/towels are freshly washed and changed daily, but the carpet could use more cleaning. The showers had some of the best pressure I've seen in Peru, but on the day we were leaving, the hot water ran out fast and didn't return. Location is pretty nice, the hotel is in a quieter residential area but still only a short walk (10-15mins) away from the restaurants and cafes of Miraflores. Free WiFi in the room a big plus, and the staff is very professional, with someone staffing the desk 24 hours/day. Breakfast is very simple - coffee/tea and bread with butter and jam. Now, for the negatives: it is not the quietest hotel: even with the windows closed, I was woken up several times during the night by car honking/dogs barking/and finally, construction. Also, the light from the corridor enters the room and its brightness also bothered me.
Overall, the hotel is a decent deal given the price (we paid $45/night), but I think you can find something better.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC