You're right about the highway. As Eddie explained, this is what we'd call a very well 'comunicado'(well connected?) little neighborhood; but apart from that; the, at least in my opinion, much nicer and lively Salamanca district is at short walking distance from the 'intercambiador'. There are good restaurants, bars, the best shops,....and Madrid's main park, El Retiro, is also located in the 'barrio Salamanca'.
The AC hotels are quite nice
.
Enjoy!