I have not stayed there but have walked past a few times.
It is a former commercial site and appears to be well looked after, it is appx 5 mins walk from the village and bottom of the gorge.
On the same road (to Wells) but appx 1/2 mile further out there is an excellent sunday car boot market.
Try not to buy cheese, strawberries or cider in the gorge - they are available much cheaper away from the touristy bit.
Personally I find some of the surrounding villages like Wedmore much more attractive.
Wookey Hole (families), Wells, Glastonbury and the shopping outlet place at Street are worth a visit too.
Somerset levels if you like nature and easy walks.