My husband and I found The Grey Lady via the inn's website (which is lovely). After we arrived we realized that this is the first season it's open under the new ownership, and it's still getting its act together. I was initially horrified to find that the room had no air conditioning, a window with no screen (which didn't stay open anyway), and a sloped ceiling that I repeatedly hit my head on (I'm 5'1''). After meeting the proprietor, Bill, we realized that the innkeepers were really just scrambling to get the place up and running for the first weekend of guests. By the time we left, I was perfectly happy with the place, but it's not for everyone.

The Good - The Grey Lady is located on Centre Street and is a block from Main Street. For the most part, the accommodations were clean and neat. The decorating is modern, and not overrun with lighthouses and whales.

Bill (the owner) was helpful and brought us an air conditioner within minutes of our arrival. He also provided us with beach chairs for the duration of our stay. He even offered us a ride to the airport so we didn't have to drag our suitcases to the shuttle in town. (Side note: the shuttles to the beach were inexpensive and punctual.)

The Bad - When we first arrived I was convinced we were the first guests to have ever stayed there. The staff was scrambling, there was no a/c, etc. I quickly realized we were not the first when I discovered someone else's pee in the toilet, a nearly empty drink in the mini-fridge, and a half-used bottle of lotion in the bathroom.

My husband's infinite patience (and a drink at Even Keel Cafe) helped me to get past this, and from that point on the room stayed clean (thanks to a friendly housekeeping staff).

If you've visited Nantucket and don't need recommendations and lots of information, this is a good deal. The owners do not live at the inn and there is no one around most of the time. Our room was $225 and that's half the price of a lot of other places in town.
The website makes the inn appear a lot newer than it is. You can slap a flat-screen tv in a room but it doesn't change the fact that it's a 200-year old building. The decorating is contemporary, the building is not.

I would stay here again (maybe in another year or two when they're settled), but not in the Madaket room because it was small and the sloped ceiling drove me crazy. The bathroom was also decorated in a very disco-ish tile, not my style.