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When you're going to Prague, there's another town called Cesky Krumlov that you shouldn't miss. It's a historic town a few hours from Prague and a bus or train ticket is only a few dollars each way. And check out the hostels page for Cesky Krumlov on this site.
Prague is an awesome city and definitely justifies more than just a short city break. Despite its increasing appeal to tourists, it's still relatively cheap. The night life is brilliant too, so prepare to catch up on sleep when you get back -- there is plenty to do by either day or night.
Prague is a great city, a must visit town, excellent and very cheap restaurants, wild nightlife, and nice people.
Prague is a beautiful city. You need at least one month to begin to know its charm.
I had the most wonderful experience with Free Prague tour during my June visit. The tourist guide was one of the best tour guides I've ever had. The tour he led in three-and-a-half hours covered so much that I don't think a regular tourist guide can even match it. He is definitely a history buff. What I was most impressed was the stories he told and the enthusiasm he demonstrated doing his job. The public artwork he took us to see was great (I love the Venus and the shoe and the man who sat on the belly of an cow hanged upside down from the ceiling).
Can't say anything bad about Prague, except perhaps for the behaviour of certain segments of its tourist population. Make sure you experience Zizkov's nightlife, pay a visit to a bar called the Blind Eye.
Carefully chck where you should change your money, in Prague there are thousands of places where you can do so, but rates a lot. Compare a lot of them before doing it for a big amount. It's worth it. Each hour the astronomic tower rings with a muppet show, nice look.
Go to Prague before they go to the Euro (the Czech don't accept the euro yet) and prices sky rocket! It is a wonderful city with lots of old architecture, friendly locals, and great beer! Be warned though, Prague is super touristy (watch for all the old people in tour groups...grrrr). Go to the major sights (Prague Castle and Charles Bridge) in the morning to avoid crowds. Try eating at a place called U Provaznice (the Ropemaker's Wife) at 3 Provaznicka just outside the New town and try the goulash. Also try eating at a place called Klub Architektu at Betlemskenam 52, the food is AMAZING and a fancy dinner with drinks can cost you as little as 400 cK. Also have some drinks at Koznicka at 1 Kozi in the old town. Be warned though you can't use a Eurail pass in the Czech Republic.
People are always saying that Prague is cheap. Maybe 5 years ago. The only cheap thing is the beer. Everything else is the same as in Western Europe.
Prague is certainly a can't miss town. Everyone talks about how beautiful the architecture is, but the best thing about this place is how much there is to do (and how cheap it is). Despite the price, you will spend more money here than most cities, but you will have much more fun doing it.
Prague. What a beauty! Don't miss the caricaturists on the Charles Bridge, St Agnes Gallery, the Jewish Museum/cemetry, a free concert in Old Town Square, then off to U Fleku for home made beer. Warning, don't leave the bench before paying, retribution is swift and painful.
Banditos' is an amazing place to eat and meet people in Prague. To drink, there's Blind Eye, Bloody Freddy's and Hells Bells. Prague is as cheap as you want it to be as long as you know where to go. The Czechs aren't stupid -- if you've got money to spend then they will know it. Be nice, tip well and meet some locals. They'll look after you.

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