Wherever you stay in Prague, the one thing you will find is that it is relatively straightforward to get around. If you are staying in the city centre, most points of interest are within easy walking distance as the city centre is relatively compact compared to other European capitals. If you are staying further afield (and there are some great value hotels on offer if you are looking for value over location), then getting into the centre and navigating the city is a breeze with Prague's extensive, clean and inexpensive public transport system. Trams, trains, the metro system and buses offer a great way to explore the city from wherever you are and with 24 hour all inclusive passes from just 110CZK (around 3.50), it won't break the bank.
Staying in the city centre will usually ensure a picture-perfect location and easy walking distance to points of interests, restaurants, bars and night-life. The downside of course is that you will pay a premium for the privilege. On the flip side of this, you will find great bargains at hotels radiating out from the city centre (Old Town Square/ Charles Bridge etc.) although it will involve using some form of transport and allowing a little longer time to get around.
The upshot is that wherever you stay in Prague, you will have a great trip. As with any city, there are good and bad points about every area. To help you make the most of your stay, we have put together a short guide on the different areas of the city to help make your decision easier: