It doesn't get any more central in Toronto than the Intercontinental - if you're lucky you'll be able to see the CN Tower from your window. Overall, it's a very good hotel and the staff are very competent and professional. My room was spacious and modern with a comfortable bed.
Considering that most of the guests here are business travelers (the hotel connects to the convention center), it's crazy that they charge extra for internet access. If Starbucks can offer free wifi, why can't a hotel that's charging $200+ per night?
As I said, the location is perfect and you're minutes from Union Station where you can hop on a train and get anywhere you need to go. If you've got some free time for fun, there's lots of shopping around, the Steam Whistle microbrewery, Rogers Center, and of course tours to the top of the CN Tower!