If you want to be around Covent Garden, Charing cross, Trafalgar square or the London Eye, you can't beat this place's location. Within 5 minutes walk to all the above.
This place is actually the academy of art dormitory, that functions as B&B when school is out. The immediate implication of this is that rooms are SMALL. Very. The bathroom is private, but is outside of the room - you need to cross the common hall to get to it.
WiFi required a very long and cumbersome process to connect to - log in to WiFi, create account on another server, receive email (had to go to next door cafe for that), and log into service - but was fast and reliable once connected.
They have staff member on site 24/7, which is great, and the price cannot be beat.
Overall, for the single, undemanding traveler this is a good deal.