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.

We stayed in two different rooms here. One on the third floor with external window - it was quite small but clean with good high speed internet access, cable TV, hot water, and secure parking. We also stayed in a bigger room on the first floor that was good except we it was kind of noisy in the morning. $30 since we stayed for a while.

I stayed two nights at El Faro, arriving midnight via PEN45 Taxi Green from airport. Check in and welcome was fine but room was miniscule and damp with nowhere to unpack and put stuff. Unable to sleep due to lack of ventilation - only window was opening to an internal noisy tiled courtyard area. Greasy cooking smells were vented into this area. I asked to change room and was given a better top floor room with external window that was habitable but still small. Basic breakfast included and there is free internet for LAN flight check in on-line. Hotel is 15-20 min walk to restaurants & Miraflores town

I think we have only stayed in a smaller room once - in Tokyo! But how much time do you spend in your room? The hotel is nicely located in Miraflores, near enough to walk to attractions and beach, but far enough that you don't hear nightclubs booming at all hours. There is a supermarket nearby as well. Awesome rooftop area for lounging, eating.