Fair performer
The Cadillac Hotel succeeded in providing reasonably priced acceptable accommodation. Other than some spots or wear holes on the carpet the room was clean as was the rest of the building, the bed was comfortable although the pillows were thin (luckily I was alone and could pile both on top of each other), and the shower and bathroom were decent, with room service restocking and changing towels, etc each day. The wireless internet was quite good, and the counter staff were helpful, especially the bearded gentleman, and they try their best to give you a good room. You can also go up to the rooftop for good views, etc, but there's nothing really provided up there to make it comfortable other than a couple of broken chairs.
On the negative side the Venice area is not really the most salubrious around these days. A lot of homeless people live just outside the hotel, along the beach front, and other unsavoury sorts can tend to gather around. Although I never really felt threatened, I also didn't feel entirely comfortable walking around at night. It is however just a few blocks north until you hit Santa Monica and the vibe improves quickly. A lot of peddlers and legal marijuana sales are also just out along the boardwalk - fine if that's what you're after. Also the area is quite noisy until around 11pm - midnight (this was during midweek). Another minor beef was that the coffee machine in the foyer was broken down for the three days I was there until the morning I was leaving - annoying that they didn't even provide alternative facilities, such as instant coffee to fill in. With no airconditioning, I also imagine it could get very hot in summer. 
Venice is also not that convenient to the main tourist areas, such as Hollywood, Downtown LA, or the theme parks. It's fine if you want a beach experience, but there's a fair bit of travelling to get anywhere else. Even Santa Monica is a decent half-hour walk away. It is possible to get the local bus to downtown, which takes about an hour and travels through some interesting areas that I was probably glad not to be walking through, but it is cheap at only $1.50. This bus goes quite close to the hotel and terminates at Union Station downtown. 
All up the Cadillac was a decent performer at a reasonable price for LA. In future I would probably stay elsewhere, say Santa Monica if I wanted the beach, or otherwise nearer to where the other action is, but that's probably as a much a statement about the area in general as the hotel itself.