Great location!
I have stayed here twice. Can't beat the location! especially if it's your first time in London. this puts you smack dab in the middle of everything and is walking distance to some great points of interest such as The National Museum, both Trafalgar and Leicester Square, many theaters and the tube station is literally just steps from the front entrance of the building.
Half of the floors are hostel-style rooms with shared bathrooms and the other half of the hotel rooms have private bathrooms. I am partial to the rooms with the private bathrooms, but I had no problems when I stayed in the shared bathroom floors either. Although the private bathrooms are spotless, while the shared bathrooms were not.
The staff was friendly and prompt and were eager to help, but you will have a hard time finding staff anywhere other than the registration area. Also, my TV did not work one of the times I stayed there, but I was not in London to watch TV, so it wasn't that big of a deal.
All in all, I think this hotel is great for the low-maintenance traveler who doesn't plan on spending much time in the hotel room. Don't expect much in the way of service, but DO expect to hear some noise outside late at night. After all, this place is in the middle of the hot spots and the surrounding nightlife is vibrant and loud. However, I never saw anyone causing trouble late at night, just people out having a good time. I definitely plan to stay here again.