This has to be the funkiest location in Melbourne! There's a great little bar, the Lustre Bar opposite and a huge range of laneway cafes at your doorstep.
The heating worked well, and there are lots of windows to open so I imagine you could have great airflow in the summer. Bed was comfortable, nice fluffy towels, basic bathroom but the hot water and shower were excellent. Everything you need in the kitchen in case you feel the need to cook! It was a bit noisy on Friday and Saturday nights, but you probably arent going to bed early if you are staying in the city anyway, and some of the noises, the horse and cart for example, are charming in themselves. I look forward to staying there again.