Great place. Perfect location with lot going on in the local area - very 'diverse'!
If you want to see the sights - Eiffel Tower, Louvre, Arc de Triomphe, etc - it's more than a short walk or metro ride. So if you are going sightseeing, take the whole day away from the hostel.
If you are spending a few days, cheapest metro fares are if you get a carnet of 10 trips. Also, consider the Velib for bike hire. The nearest bikes are in the street opposite. Use Google maps to give the best bike route - not always the shortest! There are bikes for hire throughout the whole of Paris city area. Other bikes are for hire of course, but a lot of them seem to have been 'cracked' and teenagers ride them around aimlessly!
The staff are usually very helpful, unless it's busy and have to switch between reception and the bar. If you are eating here, the Caesar salad is excellent!