Stayed there for 4 nights; many of the reviews here are fair. My experience -
Pros
1. central location; right next to penn station, and madison square garden, can walk anywhere, either south to Soho, to East village, up north to time square or west to hudson river;
2. the staff was very pleasant - they won't be able to do much; but was pleasant and polite the whole time I was there;
3. better than a hostel - got your own privacy - own bedroom and bathroom;
Cons -
1. noise level - it is VERY noisy from both inside and outside; the walls are paper thin, so anything next door (snoring), or people walking in the halls, you will be able to hear it; and lots of sirens, honking outside at all hours; so light sleepers beware;
2. very small - felt claustrophobic; just a single/twin bed and limited space to do much; there was a TV; the bathroom sink was so small, no room to put anything, everything like contact lenses, toothbrushes, paste, etc, must be placed on a shelf on top of the toilet (afraid of stuff falling down into the toilet while moving about);
The cleanliness of the room was adequate - the floor was sticky, felt wet, but decent condition otherwise; they came in and switched out the linens and towels once without asking in the four days there. Overall, if you are planning on being out in the city for the majority of the day, don't mind the noise for a short stay, and own bed / bathroom is important for you, and know that you get what you paid for, go for it!