The positive: the location is incredible. Orchard Road and lots of restaurants are within walking distance. It's a five-minute walk from Somerset MRT station and two different bus stops, and getting around the city from this location is very easy. It took us about 20-30 minutes to get to the more downtown areas, depending on exactly where we were going. My wife and I ate at the Killiney Kopitiam right down the road 6 out of 7 mornings we were in town. If you stay here, you have to try that place. The kaya toast and white coffee are awesome and a must-try. I can't say enough about the location. The staff were courteous and generally helpful.
The not-so-positive: the place was definitely adequate, but also felt very basic. As other reviews have mentioned, the A/C unit does blow right over the bed, so with the thin covers provided, things can get chilly at night. Maybe you can ask for more covers - I didn't try. The only toiletry provided is one soap dispenser in the shower that dispenses an all-in-one shampoo/conditioner/body wash/hand soap. We asked the front desk about it and they gave us more traditional hotel-style shampoo and soap bottles. Cable TV was advertised, but not available in our room (a TV was provided). None of these are deal-breakers, they just contributed to the overall "no-frills" vibe of the experience.
The neutral: it seemed in the pictures listed that maybe there was a separate clothes washer and dryer in the room, but ours came with one washer/dryer unit. There is no kitchen sink even though there is a kitchen area, and housekeeping comes twice a week. Instead of paying for bottled water, we refilled water bottles using tap water from the bathroom sink. That may gross you out, but it tasted fine, we didn't get sick, and we saved a bunch of money on drinking water (as opposed to buying bottled water). Do that at your own risk, but it worked for us.
Bottom line: if I couldn't find anything of a better value, I'd definitely stay here again. The price we paid seemed a little steep for what we got, but maybe that's just Singapore or this area in particular (this was our first visit to Singapore, so we don't have any other experiences to compare it to). The location is definitely the main drawing point. If you're looking for a pretty cheap place and plan to be out seeing the sites most of the time you're in Singapore - I'd heartily recommend this one. The ease of taking public transportation from here cannot be overstated and is a huge plus. If you're more wanting a place to chill and spend time relaxing - I'd look somewhere else further away from downtown.