In an era of moderate priced hotels with pools and gyms this hotel may seem a bit unluxurious. That being said, the location is the key. Its right near the Civil War memorial and the location where Washington took command of the union army (hence the name). The price (2-329/night) is a bit on the high side, but when you consider that a flat the size of a good southern boy's living room is 329k, it might not be bad. The rooms are kinda small, the air conditioners are kinda old (Bostonians don't really care that much for air conditioning for some reason). The staff is pretty helpful for the northeast US.
The Valet Parking is an interesting take on Valet parking. For one, it is $25/night. For two, you bring the car to the lot, they manage to arrange it in. Good news, you DON'T have to do this to yourself, take the subway from the airport!
The hotel food sounds better on the menu then it is in real life. It isn't BAD per say, but from the description you're thinking Pilgrim's feast. Not quite, but not bad. Just really expensive. Of course, everything in Cambridge is really expensive.
Don't buy the high speed internet access, its overpriced and doesn't actually work very well. Its wired BTW.
Go walking around Harvard Square especially on Sunday or Saturday. Check out Harvard Books as well as the Coop bookstore (good coffee upstairs). The Harvard bookstore is in the weird post modern mostly abandoned shopping mall (walk around, you'll find it). Lots of weird heady books to entertain. Eavesdrop on conversations, people who go to Harvard or pretend to have gone to Harvard analyze themselves a lot and think they're a lot more interesting then they really are. You get the feeling that this is where psychobabble really got its start.
All in all, I'd stay there again (so long as I wasn't paying). Partially because there aren't many hotels in the area, and partly because I like the mints they bring at the "turndown service".