I stayed here with my boyfriend and a friend for 3 nights last weekend. Overall I enjoyed my stay, I did not enjoy my looooooong walk (~$13-15 cab rides) to all the fun that is in downtown Madison.
I was super annoyed that Priceline thought that the Sheraton qualified as "downtown Madison." Although, that's not the Sheraton's fault. Despite that I made the poor decision to use priceline, I called the manager and he was able to secure me a room with the very necessary 2 double beds. (Although they could not promise I would get them.) I was pleasantly surprised with the amenities and room. The beds and bedding were extremely comfortable. My co-traveler enjoyed the workout room. All of our needs were promptly met during our stay.
Despite the lame location, I'd consider staying here again just for the comfortable rooms.