I've seen this recommended in Rick's book and read the online reviews on a couple of sites. Now I am wondering how bad or good it is. It will be in the middle of October at the end of a Rick Steves's Village Italy trip. The location close to the train station is a big plus for me. (2 nights)
We stayed at Hotel Florida for one night. We arrived in Milan by train late (8:30-9 pm) and had tickets to Monterosso al Mare in the morning. The hotel is fine for a short stay; the room was big and clean. Like Rick says, it's a 5 minute walk from the train station, that is if you exit on the right side of the station! We didn't and had trouble getting our bearings, but when did find the right street, it was a very short walk. There was a nice restaurant off the main street (sorry, can't remember the name of it) that was open pretty late.
After visiting Cinque Terre, we returned to Milan for 2 days at the end of our European trip. We stayed closer to the Duomo and had no trouble getting around on the subway. We took a 3-hour city tour that included the Sforza castle, La Scala theatre, Duomo, and tickets to the Last Supper. It was a great value because those were most of the sites we wanted to visit.