I have stayed at this place for an entire month. The location is arguably the best I ever stayed at during my numerous TW trips. It's just a few steps from excellent, cheap restaurants; bars, shops, and coffee places. The nearest metro station (Ximen) is about 6-7 min away by walk. The airport express station is about 10 min by walk. The place is located on a higher floor in the relatively secure building (with a security guard on duty from Monday to Friday, morning to about 7pm).
The room is spacious, relatively bright and extremely quiet. The host is very responsive to requests (I've been provided with a writing desk and an office chair so that I could do some work while in TPE; plus with extra towels). The host provides guests with drinking water, toiletries, hairdryer, washing machine (and washing powder) and a tumble dryer (plus a massage chair!). There's a little electric stove, water kettle, lots of plates, mugs, etc. (although you won't need to cook given a variety of restaurants nearby). There are an aircon and a heater (if you happen to visit during cold days).
On the negative side: the queen-size bed is probably the hardest I ever slept on (still, it did not give me any back pain). Both pillows were rather thick and one of the curtains let some morning light in. There might be some mosquitoes if you decide to keep the windows open (but there's nothing the host can do about it).
Overall, a very good (albeit not exactly cheap) place to stay in Taipei.