Great experience and the staff are extremely friendly and helpful. I highly recommend this place.
There is a 0% commission ATM right next to the hostel and a number of cheap places to eat nearby (both Czech and foreign, such as Vietnamese). It is also walking distance from the bus station and train line C as well as being about 15-20 minutes walk from Wenceslas Square so the old town is easily accessible.
As a bonus, the National Monument on Vitkov is just behind the hostel and has a great view overlooking the city.