Cheap rooms, or just late rooms?
Let's say that the three- and four-star rooms can be relatively cheap - but not many are going to cost less than £30, unless they're in France.

Give me some examples.
A double at the three-star Birmingham Grand Moat is down from £158 to £35 - just a couple of roundabouts away from the legendary Bull Ring.

Not bad. Is there a catch?
Sometimes breakfast or supper is a compulsory extra, and the site has no maps. Drivers will find full directions, but train travellers usually won't. On the other hand, you have to call the hotel to book, so that shouldn't prove a problem.

It also means I could haggle for a lower price.
Yes - and some of the hotels encourage callers to do so. Laterooms often has links to the hotel's own website. It's a good starting-point for those who are unhappy with the idea of booking online. Bear in mind, though, that some of the money you save on a New York hotel room will be eaten up by call charges, and there is often no guarantee that the French hoteliers speak fluent English.

Any other caveats?
Apart from some atrocious spelling and a touch of glibness (what makes the Wolverhampton Best Western a "hidden gem"?), this is an impressive attempt to break the mould of other travel sites and allow travellers a little more autonomy. Even the smug little badge on every page is a mildly appealing touch.