Online you may read some negative reviews of this location. What you have to realise is that it is a backpackers hostel in Central London and that it has a noisy bar on the ground floor.
I went with a group of friends with a view to going out late in the evening and drinking etc so it was perfect for us. If you plan on going to bed early you might find it a bit noisy and so may be wouldn't love it.
Other than that, the room was fine, bed was comfy, communal showers just a couple of steps across the corridor and hot and powerful.
Location is excellent, just down the road from Borough Market and the river. Ideal base for exploring London.
This is really the ideal place for groups of friends. Cheap, clean, comfortable, a bit noisy maybe but you're in London so perhaps you want to make the most of the nightlife?