I was there in (Australian) winter, July/August 2008 for about 4 weeks. The place is clean, the neighborhood is safe, and housekeeping/management is friendly. It is connected by bus and CityRail (Inner West Line) at Stanmore station, which is only 2 blocks away. It's also close to Newtown, where you'll find millions of Asian eateries, beer bars and crazy people. You'll find a laundry ($2 per self service) and a crowded kitchen. There is a sink and a fridge and a TV set in every room. It's not too expensive, but you can get cheaper hostels at better locations.
Drawbacks: it is a cold place -- windows and doors have enormous gaps so it's actually windy in your room. In summer this may be nice but not during winter months. CityRail train (InnerWest) very convenient but only every half hour. Bus line 412 (Stanmore station) -- rather infrequent service, but connects to all major city center and Western spots and USYD as well as UTS. Rail/bus both around 20 minutes ride to city...
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