This location is perfect. The tube station and supermarket are around the corner, and you have plenty of pubs, cafes, restaurants etc. in the area. The British Museum, Oxford St. and Soho are an easy walk from here, and it is a quick bus ride to reach Camden.
The flat itself is small but adequate. It is comparable to others in this area and price range, and we found it perfectly comfortable for two people over our 10 day stay. The kitchen is basic but ok for simple breakfasts or take-home meals. The washer works well, and although we were fine to let our laundry dry overnight, there is a laundrette across the street if you prefer to use their dryers instead.
There is a fair amount of street noise, so if you are a light sleeper or not an early riser, I would suggest ear plugs.