If you are traveling to Lisbon on holiday to be in the streets, this is a great location.
During the day the area is pretty quiet and picturesque. Great restaurants/cafes and near a park with a great view.
At night, the area is bustling. Tons to do around, if you want to stay local. If not, it is not a bad walk down the hill to pink street and so places to stop in for a drink.
That said… it can be a bit loud if you are not trying to be outside outside till 2am and just want a sleeping vacation. If you close the windows, it blocks out a decent amount of the sounds, but it is still audible. Also it was very hot in Lisbon when I visited. They host provided fans, but with the windows closed it was still too hot me. I wanted the breeze…However opening the window was loud until the bars closed, so maybe bring some ear plugs if you are a light sleeper…
All that being said, I would definitely stay again based on the location and price. Had a fantastic stay!