Good points:

Free wifi
As good a location you can get, very central, handy for metro and sights

Bad points:

Unfriendly staff, who probably didn't even notice I stayed there
Room very basic
Noisy, from both outside and other rooms

Hotel was only a short walk from Colon Metro Station and reasonably short walk from mainline train station. Hotel is in heart of old town and a short walk from all the sights of the old town.
Hotel staff were generally very pleasant, receptionist on the Sunday we arrived the exception (he was particulary miserable) Hotel air conditioning is centrally controlled so only option is on or off. Off proved too hot, on to noisy. Once a pair of ear plugs were fitted there was no problem.
Hotel is basic, but clean and the breakfast adequate and regularly topped up with fresh food

The hotel offers great value for the central location. It's literally across the road from Colon Metro station (exit at the end without escalator) and is a stone throw away from various buses, including the circular route that takes you around the old town of Valencia. The hotel is located on the main street full of shops which is great for those who want to do some shopping in Valencia, and it's walking distance from old town Valencia.

The hotel has a small entrance and has an elevator/lift to get you up to the rooms. Our room was comfortably clean but a little dated with tired carpet. The bathroom is big and clean and comes with a bath tub. The room we stayed in faces the main road filled with shops, so in the evenings our room wasn't in complete darkness despite our lights off and curtains drawn, although it wasn't a problem for us. Despite its central location, we did not find noise to be a problem.

The one downside is that the air conditioning is centrally controlled in terms of temperature, so you can either have it at on or off setting and it tends to stay fairly warm through the night. On the bright side, there is free wi-fi offered by the hotel which was a pleasant surprise. Overall, Husa Llar makes a great and cheap base for those who want to explore Valencia for those who are not after five-star amenities.

Greatly located between the centre and the Eixample, very close to the Colon metro station, quite close to the North Train Station.
Though, the hotel is average: cleaning could be improved (there was no shampoo the first day, just one shower towel the second, and we were two), few receptionists speak languages different from Spanish, and they weren't helpful when I asked to print my boarding pass.
Though, given the price and knowing other accommodations in Valencia, I would recommend it.