The place is just like described online. My room was spacious and clean, the (shared) bathrooms were clean and well-kept, too.
The location is a two-edged sword: it's right next to Hollywood Blvd, so you're very close to where the action is - just a 15-minute walk from places like the Chinese Theater etc.
But it's generally also a rather dirty and loud area. If you don't mind a bit of noise (also at night), this is great value for your money, though - especially when compared to hotels in the neighborhood!