If you're looking for a location in the downtown that's close to the Eaton Centre, Ryerson Campus etc. you can't do much better. It's ideal. As well, if you're looking to pay as little as possible and still be in a hotel this close to the action, the Bond Place is your place.
That said, the rooms are very very small, the TV is incredibly tiny, the bed and pillows are probably some of the most uncomfortable in recent memory (but if you like your mattress VERY hard, you might not mind it too much), and the bathroom is clean but basic (no fancy amenities in there).
Can't say much about the restaurant. Ate breakfast in there one morning and the service was good. Not sure what the food is like overall, as what I ate would be pretty tough to make poorly.
Overall, like another reviewer said, you get what you pay for. No surprises there.