The good: great location in Waikiki for an unbeatable price. The room had several nice amenities and touches and is well-maintained. The view of the mountains is lovely. The hosts are very prompt, polite, and helpful with their communications at all hours of the day. The room itself is very clean and well-kept, and the bed was comfortable. There was easy access to car/motorcycle rentals and food in the building. The swimming pool on the 6th floor was really nice. They provide beach towels, snorkeling gear, and a boogie board as well!
The bad: the room is on the 12th floor of a very old high-rise motel that has been converted into apartments. The common areas of the building smell musty and smoky and the elevators are old, slow, and creaky. There is no option for taking the stairs without setting off a fire alarm. The walls and windows of the room are paper thin, and we were bothered by the loud screeching of the rusty old elevators, street noise, and other guests in their rooms and hallways all night. We figured out a way to keep the AC unit's blower running to help drown this out, but if you're a light sleeper like me, I would recommend you bring earplugs and/or a white noise machine with you to be on the safe side. Also, there was a standard drip coffee maker and filters, but no coffee. I wish I'd known to bring my own.
Overall, I think we got a good deal and once we figured out a way to adapt to the noise, it was a comfortable, secure place to stay. For the money, I doubt there's anything significantly better in Waikiki.