I have not taken that trip into the canyon, but know people who
have and they have raved about it.

It is in my plans this coming year.

Have fun.
References :

Stay in Williams and take the train if that's the experience you're looking for. However, if you would rather spend time at the canyon instead of on a long train ride, then stay at the south rim. If you can't get accommodations at the rim, stay in Tusayan approximately 9 miles from Grand Canyon Village.

Reserving a room at one of the accommodations on the rim can be difficult unless you do it six months or more in advance. This includes the Bright Angel Lodge, Thunderbird Lodge, Kachina Lodge and El Tovar Hotel. Personally, I like to stay at either the Maswik or Yavapai Lodges that are situated away from the rim in the forest. They're quieter and more conducive to the national park feeling. The Maswik is about a quarter mile from the rim at the West end of the Village while the Yavapai is about a half mile from the rim near Park Headquarters to the East of the Village. If you stay in the park you can leave the car at the lodge and take he park shuttle to see the Village area and the West Rim. You'll need the car to see the East Rim and Desert View near the East entrance of the park.

If you can't get reservations in the park, check the motels in Tusayan. There you'll find many of the chain motels like Best Western, Quality Inn, etc.

If this is your first visit to the Grand Canyon, one of the first things you should do is to visit the Canyon View Information Plaza near the Yavapai Lodge. You'll have to park at the Market Plaza and take the shuttle a short way to the Information Plaza. From there, walk to Mather Point on the canyon rim and hike the rim trail from Mather Point to Yavapai Point and continue into Grand Canyon Village. The views are awesome. The trail is easy, mostly paved and just a couple of miles long. You can take the shuttle from the Village back to your car. See the map at the web site below for a layout of Grand Canyon Village.

Have a great trip. You're going to love it.
References :
http://www.grandcanyon.org/fieldinstitute/pdf_maps/village_map.pdf