I went with a friend from thursday-monday, I personally think a long weekend is perfect for Marrakech. We did a lot of things;1hour ride with a horse-carriage trough the city (150dirham), a lot of sight seeings, took the local bus to the new city (bus no.1 = 4dirham one way), Jardin Majorelle, day trip to Ourika waterfalls (150dirham pp), Spa hammam (350dirham for 1h.15min incl massage @ 5elements hammam). We also did the hop-on-hop-off bus which I think it was a waste, better to take the horse-carriage for an overview of the city.
In the night we took a taxi to the new city and went to some places for a drink..which showed a very different (luxury) side of Marrakech. I can recommend you; Comptoir, Extrablat, the lounge above Extrablatt and Sofitel lounge. Not cheap, but nice places to have a drink and experience an other side of Marrakech. A taxi ride from the medina to the new city is about 20/30dirham one way and in the night 50dirham. Be aware that taxi drivers always start with prices like 200dirham, use you negotiating skills ;)
The riad was very nice!! The medina was very busy and loud, but once you are in the riad it was very quiet and nice. Very friendly women and the man at night speaks very good English. The room was very clean and comfortable. Perfect wifi. 10min walking distance to the Square. Loved it! You can ask for FREE pick up transfer with min. stay 2nights. Return transfer is 150dirham.
People try always to rip you off so use your negotiating skills!