Mostly good experience, just not worth the price. A review of Maccallum House Inn
Pros: Central location (though not necessary), nice bathroom (room 2 in the main house), free wine and cheese reception, excellent breakfast (you get to order off the menu), complimentary bottled water and juice near our room.
Cons: the PRICE ($235) just wasn't worth it; the noise -- our room was above the restaurant in the main house, and we felt like we could hear every conversation and every table being set with silverware and glasses, from early morning to well into the night -- not romantic! We told the woman at check-out, and she couldn't have cared less; the staff was so-so friendly, with one guy obviously ignoring a question I asked him; you have to pay for movie rentals ($4); they don't refresh the complimentary cheese platter, so get there right when it starts!; and did I mention the price?
My wife and I agonized over which hotel to stay at for days before the trip. Generally, you'll be okay with any of the bed & breakfasts in the town (or so it seemed from walking around town). Also, there are bad reviews for the Heritage House near town, but we inspected it and it seemed nice. You'll get a good rate, too!
As for Mendocino, it's definitely a tourist trap, although nicer than most. They keep it very well maintained, and it's enjoyable to poke around in the little shops filled with outrageously priced souvenirs. We ate at the Mendocino Cafe, which was good food for good prices. There are plenty of little breakfast and lunch places. Be sure to hit the Fetzer winery tasting room, and the fudge store.
One last thing: about an hour and a half south on Highway 1 is a speck of place called The Sea Ranch, and it's home to The Sea Ranch Lodge. It was by far the highlight of our trip; a beautiful, first-class hotel with amazing views and excellent service. Compared with the $$ we spent on the MacCallum House, the Sea Ranch Lodge was WAY cheaper, and WAY more enjoyable.