The location is really good. You can take bus A21 from the airport to the station Cameron Road directly (the bus stop is just in front of the hostel). The fare is cheaper than taking MTR. And the MTR Tsim Sha Tsui station is just 1min walk way from the hostel. It's so convenient to go everywhere.
Cause the hostel is on the side of the road, it will be a little noisy.
Thus, if you don't mind the noise at night, Atlas's hostel will be a good choice with a good cost performance.