dom...
the area around como is spectacular, but it's not very flat. the ride from como to bellagio is about 30k, with a few rollers but no real climbs.
if you're in the area, you really should do the ride from bellagio up the madonna del ghisallo. it's a legendary route, and well-worth the effort...about 10km total, and the first 3km are the toughest at about 14%.
for hotels...if you want a cheap, clean semi-hostel-kinda place, try the hotel riva al lago in como. it's about a block from the lake, around the corner from both the como nord train station and the palace hotel. you can get a room there for about 45 euros per nite...much better than the 200 euros you'll pay at the palace.