Nice place. It's not large by any means, but the bed is pretty comfortable and we really wanted a place with a couch so we had somewhere to sit other than the bed. We didn't use the kitchen much but it was nice to have and it had everything we could have needed along with the full size fridge.
As others have said, the city noise can be pretty loud (there's a bar on the same block that you can hear music from). But there's a noise machine and the AC works great so it's not like you need to keep the door to the patio open to stay cool. I'm generally a pretty heavy sleeper, but I still recommend you bring ear plugs in case you go to sleep before the music stops (I don't know how late they're open, but I didn't need the earplugs during the week -- just the weekend).
The location is very convenient and it can save you a bundle compared to staying at one of the hotels on Waikiki Beach. It's less than a 5 minute walk to the beach, which is a very small price to pay for how much you're saving.