Just got back from Prague, and have to say I had a lovely few days of it. I'm not going to rabble on, but just wanted to mention some of my highlights, and post a few pictures.
Pros: The architecture is stunning, the beer is good, it seems like a very creative city, transport is cheap, and after a little bit of convincing my close friend convinced me to go to a blacklight theatre (which surprisingly I enjoyed). I also thoroughly enjoyed the modern art museum (Kampa Museum) and musing through tit tat shops looking for small communist trophies to add to my collection.
Cons: The tourists will get on your nerves, especially the groups of young british males on stag do's (to be fair though I didn't see too many), the obviousness in which they try to take the piss with money in the more touristy areas, the czechs seem a little grumpy at first (although the people running the bar in our hotel were great). I will mention that I think you could end up in some quite dodgy areas if you wander off the beaten track, in the park by the main train station there were a couple of people IV'ing openly, but in the interests of balance I can also say I've seen that in London, Barcelona and Krakow, but its quite obvious that they have issues with drug abuse and poverty in the Czech republic.
In short, I'd recomend it to anyone for a short break, there's plenty to see and plenty to do, just be aware that the food isn't brilliant.
Slideshow of my pics from the 5 days below.