This is great wee place and excellent value for money. As many have said the views are truely excellent and you'd pay 3-4 times as much for the same view at a hotel.
The space itself is pretty basic but is clean and close-ish to town. It took me just over 15 mins to walk to the water front and about 20-25 mins to get back (decent climb).
Appreciated the self check-in option and being able to come and go as I please without disturbing anyone. I stayed for one night on a work trip and would definitely stay again.
Basically if you're looking for a place to sleep and explore Queenstown from this is highly recommended.