When we went to Universal last summer, we were also looking at other hotels. We stayed at the Hyatt Valencia. It is about 30min on the hwy to get to Universal. It was very nice, attached to the very nice Valencia outdoor mall, and a very short drive to a Mimi's Cafe. We really enjoyed this place. It cost us $99 (includes taxes) a night. If you have any specific questions on this hotel, just let me know.
From the Hyatt Valencia, we also went to other L.A. locations, such as the Grove and American Girl.