I stay at the Vsc quite often and have always found it excellent value.
You do need to be careful however on your room selection, the basic ones are very basic and if you get a room on the front of the building it is VERY noisy with the traffic and city life along the Edgeware Road.
It is very well placed for restaurants (lebanese, indian , turkish etc) and there is a J D Wetherspoons just across the road (Cheap food and beer if you are on a budget).
Its right on the entrance to Hyde Park as well.
One critisism is that they can be a little anal about meal times, no flexibility whatsoever. Queueing for breakfast from 07.25 in a hurry to get to Lords Cricket Ground and having a staring competition with the chef through the glass until exactly 07.30 was a little frustrating. Oh yes and if you are in a hurry get in before the hordes of American tourists or you'll be there all day.
If you have to go to Paddington then you may as well walk from there rather than get the tube to Marble Arch. It only takes 15 Mins down the Edgeware Road.