Wins for:
1. History and character - Hanul lui Manic is an early 19th century caravanserai, so the centre of the hotel is a courtyard and the doors to the bedrooms are found on balconies wrapped around the courtyard. If I remember rightly the hotel was the host for a 19th century international peace treaty.
2. Location - in the historic quarter of the city centre and near to the Piata Unirii 2 metro stop, close to bars and restaurants.
3. It has a restaurant onsite which looked decent, plus a pub, and possibly a cafe too, though dont quote me on that.

Loses for:
1. My room had a slightly shabby bathroom
2. My room, and I assume a fair few others, look out over the Piata Unirii 2 which is busy with people and traffic - this might bother a light sleeper.
3. The included breakfast is a little miserly but there are plenty of cheap cafes nearby.
4. I had a run-in with three fake policemen right outside the front entrance - not a reflection on the hotel but a warning that criminals could be targetting the area knowing there's a tourist class hotel in the area.

Overall:
I've given it 4 nice orange spot as it's well above average in terms of location and character, making this a great place to stay if you're not expecting luxury and can put up with slightly worn furnishings. Plus it's a rare chance to stay in an old caravanserai !