In my experience with London, I didn't enjoy the Bayswayer/Queensway area as much as other areas. My first trips to London, when I was still a student, the hotels around that area were fine for my budget, and I didn't mind sacrificing price for amenities. However, I think there are some much better options for good prices. Also, the Bayswater/Queensway area is a bit farther from the city attractions than you might like.

There are a lot of new relatively inexpensive "chic, urban" hotels popping up around London. We stayed one called City Inn Westmister that was very reasonably prices and was beautiful inside. Also MyHotel is a good option for price/amenities.

Feel free to email if you have any other questions. I'm always interested in talking about London. :)

Cheers. Erik