We stayed in Red Carpet Hostel for 2 nights in July 2013.
Price was inexpensive for Vienna; we paid about 40 euros per night for a double room.
The bar downstairs had inexpensive drinks - less than 2 euros for a beer.
The front desk staff was friendly and helpful.
5 minute walk from the Vienna Westbahnhof train station
No internet available in the room; internet only available in the lobby and garden area.
The rooms are extremely basic, even for a hostel - the rooms are actually dorm rooms.
Far walk from the city center - about 30 - 40 minutes.
Overall: 3/5. I would only recommend this place if you need a very cheap place to stay.