We stayed for 9 nights in early March, 2014. A big mistake.
The location is not the best, but you must know it is not located near downtown. It is, perhaps, a 10 minute walk from La Anomina, up a hill on some dusty paths. That puts it in a very vulnerable location in regard to winds, which are very common in El Calafate. At times I was sure the roof would blow off. The good thing about the location is that it is near La Esquina, a really good pub/restaurant. Plan to have a meal (lamb goulash) there if you are in the area. And don't miss La Tablita, which is at the foot of the hill and is outstanding.
Back to Picos...the hotel has about 40 rooms, but we were the only guests in the place for 7 nights of our stay (a bus tour came through for two nights). That fact alone should tell you something, but I will tell you more.
The wifi works if you go to the common area at the end of the hall, where the upholstered furniture looks inviting, but is impossible to sit on. The breakfast is disappointing...no croissants on a day or two, milk gone, coffee gone (or not made), no fruit. But lots of cake, the same cake that appeared day after day and was never eaten by any of the guests (the two of us). The place needs an upgrade. New rugs, new paint. It is well used. New furniture would be nice too.
There were about 3 staff members floating around all the time. The lady who checked us in (and put us in a room crowded with 3 single beds) was on duty when we left. Although we dropped our key on her counter as we went to the door she couldn't take her eyes off her computer screen, let alone mumble "Adios".
Now to the rules, which are extensive and off putting. We were allowed to eat and drink in our room, but only things which were purchased from the restaurant in the hotel. You probably get the drift...I won't repeat any of the other rules.
The cleaning staff was good.
The beds were good.