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Priceline - Does it work?

:)I have never used Priceline but when I enter dates and prices I always get offers. But what are the hotels like - are they genuine 3/4/5 star or just Priceline's ratings? Anybody had any good deals or for that matter bad ones. We are looking at Amsterdam in October and had some good tips already but I'm always looking for best deal.
Nice to save.

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