The Imperial Tara Hotel is an excellent hotel for the price in a great location. I have stayed at the Tara several times when I visit Bangkok, and the reason I continue to go back is because of it's central location, good price, and excellent service. The staff is friendly and helpful, and the location is unbeatable.
There are few places in Bangkok away from the hustle and bustle that are also centrally located. The Tara has both -- it is located away from the areas with more nightlife in Bangkok, yet it is only a 5 minute walk from the Phrom Phong BTS station -- which, if you have ever been to Bangkok, you appreciate being close to BTS stations.
The standard rooms are good. However, if you have the opportunity to stay in one of their upgraded suites, I highly recommend it. These suits are comparable to more expensive Hotels such as the Novitel, and are much less expensive, comparatively.
The neighborhood is the Japantown of Bangkok, and many of the patrons are Japanese businessmen. Overall, the hotel is more of a business hotel than a hotel for families. However, it might work well for families as well.
Other notable things to mention is the complimentary breakfast (the omlettes are excellent) and the buffet lunch, complete with salmon, papaya salad, sushi, ice cream, thai iced tea, and other desserts. It is definitely worth the price.
The management holds a cocktail hour every monday and thursday from 6:30-7:30pm to meet and greet the guests, with free alcohol + h'ourderves.
I have stayed at many fancy hotels in Bangkok including the Marriott resort and spa on the Chao Praya River and the Imperial Queen's Park Hotel. The reason I prefer the Tara is because it is so easy to get from BTS Phrom Phong to anywhere in the city (Hotels on the Chao Phraya River can take up to 30 minutes for a river taxi to the nearest BTS station), and the price is unbeatable for this location.
I would highly recommend the Tara hotel, for business travelers, or families who are willing to put up with the somewhat business like environment. For the price, you will not be disappointed.