The Latin Quarter is packed full of good restaurants (where a 3 course meal typically costs �10 to �15) and good bars. It draws a good mix of tourists, budget conscious Parisians and students from La Sorbonne (which is close by). There's plenty of sightseeing in the immediate area (including Notre Dame, the Jardin du Luxembourg and the Pantheon), together with good shopping along the Boulevard Saint-Michel and surrounding streets. The area is well served by Metro & RER trains or, for access to the Louvre, the Eiffel Tower and other attractions near to the Seine, you can take the Batobus river service.
The Latin Quarter is safe, both by day and by night. Most of the hotels in the area are fairly inexpensive, although there are some 'posher' places available if you want them.
Chris