Our Opinion

Prague is a large, sprawling city which is easy to travel around and relatively safe. You should allow 2 or 3 days to see all the major sights at a leisurely pace.
The main tourist attractions are based around Wenceslas Square and the Charles Bridge but there are many more things to see and do by getting off the tourist trail and exploring some of the other areas of the city. Whilst some of the architecture in the city centre is stunning many of the outlying areas still evoke memories of the Cold War era with their grey concrete buildings.
If you don't like beer then don't go to Prague. If you do like beer then your in for a treat as the beer is not only good but it's also extremely cheap. As with any major city, the further you are away from the tourist hot spots, the cheaper the beer gets.
Our experiences with food in Prague were not good. In general the food is quite bland with stews being the favoured dishes of many restaurants. However, worse was to come with our final meal in Prague at the Restaurace U Horu which left 2 of our number with serious food poisoning after an encounter with the local blue cheese.

Further Details

Travel
Manchester - Prague with bmibaby
An excellent journey from our taxi driver meant that we arrived at the airport well ahead of schedule and managed to check in almost immediately. However we found the aircraft to be very cramped with too little leg room even for a short flight. Service on board was also a little slow. The biggest problem, however, was getting from Prague airport into the city. As the metro line has not been built out as far as the airport, passengers are forced to catch a bus for the first half of the journey transferring to the metro at a later stage. The problem is even worse on the return journey as a full train load of passengers tries to squeeze on to the next available bus.
Around Prague
The Prague metro system consists of 3 lines (A, B & C) and although it's not very extensive it does cover the main areas of the city and is simple, cheap and efficient. A day pass ticket which must be purchased before travel (we bought ours at the hotel) allows travel on all public transport for the whole day. The only problem with the metro is that it doesn't go as far as the airport!
There is an extensive tram and bus network most of which run frequently from early in the morning until late at night which makes it very easy to get around Prague by public transport. Not surprisingly this makes the trams and buses very popular so they do tend to get crowded.

Accommodation
Botel Racek, Prague
A new experience for us, staying on a converted river cruise boat. The rooms were comfortable and clean however they were also a little small and basic. 
The hotel has a bar and a restaurant. We ate in the restaurant once. The food was OK and although cheap by English standards, it was quite expensive compared to local restaurants. We also ate breakfast in the restaurant.
The hotel is situated about 3 miles from the city centre but frequent trams from the stop about 100 metres from the hotel made it easy enough to get into the city.