Pretty much everything about this place is as described. Leaving the entrance you can turn right and and walk and you'll find yourself at a free tram stop. Turn left and walk and you'll find yourself surrounded by Degraves St Cafes. Keep going and you'll be in the Collins St shopping block. Three to four blocks away and you'll find yourself near Chinatown with a huge selection of Asian foods. Sprinkled through the area within walking distance are a huge selection of restaurants. Two blocks south and you'll find yourself across the Yarra river on the Southbank where you can walking through the huge garden/park complex surrounding the Shrine of Remembrance. The location really is impeccable.
When make your way back to the place from exploring the city you'll feel like you've managed to join some special privilege being able stay at what is essentially a destination for many others visiting the city. It's also just two blocks away from the Novotel Collins which is a pick up location for the AAT Kings tour company if you're booking a tour with them. Location is truly its strongest feature.
The accommodations themselves are clean and stylish. The loft set up gives it an airy feel. You'll also find plenty of space for whatever. Bed was comfortable. Couch was soft. Table was spacious. Didn't end up using the kitchen (too much good food out there). Shower is just big enough for one, but the bathroom as a whole fits many. The place was tidy and clean, no problems there. There's also more than enough supplied to make life simpler like towels, knives, scissors, iron, ironing table, shampoo, soap, etc.
It's worth being aware that the washer/dryer is a bit slow. Also, be careful about drying it on the standard setting since the dryer can actually get quite hot. We went during the summer with a number of scorcher days.
Unfortunately the air conditioner is not particularly strong. It keeps the room comfortable, but might not provide that immediate heat relief some might expect.
The wifi works wonders when it hasn't hit its weekly limit, which seemed to be all the time. I get the feeling there might be someone mooching off the wifi because when we got our weekly reset the 5 GB limit was spent the next morning, and definitely not by us. Once it hits its limit it'll be throttled to a crawl.
Luke himself was very quick to respond to any questions I had. He was also super helpful in making recommendations for things from storing luggage to where to eat (Supernormal!). I never had any hesitation to contact him, he truly is a fantastic host.
All-in-all if you're looking for a comfortable and awesomely located place to explore Melbourne you can't really go wrong here.