I stayed in wombats 4 times, in January 2007, December 2009, December 2011, January 2012, each time for about a week, while I was researching in LMU Universität. Loved this hostel every time and intend to go back: really clean (and I'm picky about that), nice respectful people (never had any problem with any inmate), nice staff, great location, very safe, wifi. Definitely a very good option.

Pros: clean, fun, very friendly/helpful staff, next to the station, parking downstairs, wifi in lobby

Cons: convenient location next to the station means you're in a sketchy, not pretty, part of town.
My only complaints are not with the hostel but with the patrons. (Here it comes... wait for it... Old Man Rant starts here: "when I was young, hostelers used to talk to each other and learn what was worth seeing and what not. They'd often meet in the hostel and go explore the city together. Not anymore: the lobby is eerily silent: just a bunch of individuals on their smart phones, most with headphones, plugged into the Matrix. The lack of social interaction was sad.
And for some reason 3 of my 5 roommates, on two mornings, kept getting loud calls and texts and alarms on their phones early in the morning. They'd roll over, read the message, then go back to sleep, and then get another 10 minutes later. Infuriating. Why they wouldn't turn their phones off or down is another inter-generational mystery.

(WARNING: at 40 I am clearly an old grump and no longer the target audience for hostels like this).

Notes:
ordered stuff from Amazon which they held for me.
decent security: key required to get on floors (and in room)
having toilet/shower in each room (rather than on the hall) might be attractive to some

Typically german, well appointed and refined. Exceptionally tidy, clean linen, warm, spacious, bathrooms in the rooms even. Totally the best ever. Same with Wombats Berlin, im heading back to Berlin soon and will def be staying there again. Couldnt recommend highly enough, with wombats, hotels are obsolete

Very convenient, good lockers, fun bar! The Hostel has a great location right by the Hbf and walking distance to all the good sites!