I'm staying at the Donatello this year - the rates were $180 via AAA, and it's only a block or so from the Hilton, etc on Mason Street. Quite nice, it's an older "boutique" hotel, but free wi-fi, modern room, fridge, microwave, and A/C - much better deal than the more expensive hotels.
The materials for JavaOne this year are a bump up from last year. The backpack is still a bit on the cheap side, but the alumni jacket is actually pretty nice, and the water bottle is something I'll actually use. IBM chipped in for that one.
The Donatello has an Italian restaurant, Zingari, which is supposed to be pretty good. Pricey, but why come to San Francisco if you're going to cheap out?