I stayed at the 3-star Alif hotel in the Campo Pequeno district of Lisbon from 12-16 October 2011, paying around 60 euros a night.

PROS
Friendly staff. I requested an iron and board upon arrival. As one was not available, they took the clothes I wanted pressed and did them for free, returning them the next day. They also provided a welcome platter of fruit. Important customer service gestures.

Located near a metro station, easing access into Lisbon city centre.

Rooms clean and tidy.

Breakfast room located on top floor and not basement as is the case most of the time, with views over the district.

For a capital city, the hotel is relatively inexpensive.

Good range of channels on television.

Beds are comfortable.

CONS
The area where the hotel situated is slightly remote in terms of things to do at night, although the bullring is nearby with bars and restaurants.

The rooms are not very sound proof and the hotel lies under the flight path of the airport. Bring ear plugs.

Buffet breakfast, distinctly average.

The light switches by the bed emit a small green light, which can hamper getting to sleep. I had to cover them with objects in order to fully black out the room.

The worst of all – the fact that they charge for WIFI usage, and the rate. Before I arrived in Lisbon, I emailed the hotel to ask if they had WIFI provision in the hotel and in rooms. Their reply stated yes, and as they did not mention charges this led me to believe that it would be free provision. However, I learned differently upon arrival. I purchased a voucher at reception for 3 hours usage at 6 euros. Once I turned on my computer, however, I discovered that there was a cheaper provider (FON ZON) which sold usage at 12 euros for 5 days, and I soon switched to this. There is a computer terminal downstairs, but this again is available only via payment, which I find quite disgusting. In spite of some of its good features, I will not return to this hotel whilst its WIFI policy remains unchanged. There is no reason, other than greed, why the hotel cannot provide free WIFI usage throughout the hotel.

This is a dated hotel in Lisbon, not very far from downtown, near the bullring. The rooms are ok for a three star hotel. But they are very noisy: the glass windows don´t isolate enough from the street noise and the flushing from other rooms can be quite inconvenient during the night.
I was not lucky in my visit to this hotel, as the air conditioner machine that is in the room balcony could not be disconnected. Not only it was impossible to use the balcony, but the noise made it impossible for me to sleep. And the technician that was present at the hotel was not able to solve the problem.
A not expensive hotel in Lisbon, near a underground station, easy to access from the airport, quite good if you can support the noise in it!

This is no luxury hotel, but a somewhat dated 70's style building, inside and out with, pretty far off the centre of town, although taxis are ridiculously cheap in Lisbon and there's a metro station nearby;
My room was OK, appropriately clean, air conditionned, and big enough. The view from the window was on that big bank building you can see on other reviews here. There's also a good amount of noise coming from the avenue below, although my room was on the 8th floor. But with windows closed, it was acceptable, especially at night.
Breakfast was unremarkable.
Nevertheless, this is still a recommandable place for travellers on a budget, since room rates are very reasonable, and there's nothing utterly wrong with this hotel.
Lisbon is a sweet, relaxing, authentic city. And the locals are open and friendly.

Hotel Alif is based in Campo Pequeno, a short bus or taxi ride from the Lisbon Portela airport and a short metro ride from city centre. We stayed there for one night, as we wanted to explore Lisbon between flights.
The advantages. The value of the hotel is very good. We did not try their breakfast service or go to the bar that they have, but the hotel itself was very good for the price. The interior is a bit aged, which gives a very nice charm to both the rooms and public areas. The room itself was quite large, had a small balcony. The bathroom was very new and clean, with everything you might need. We had a TV with some English channels. The location we liked very much, just a few steps away from metro station, shopping center with supermarket open till late, and aerobus stop. The taxi ride early in the morning to the airport costs only about 6 euros, the staff is happy to help you call it.
The drawbacks. There are two main drawbacks in the hotel. One is that there is no free internet, you have to pay. I am one of these persons who think that if the hotel provides the TV for free, they should do the same with the internet. Another drawback is their strange policy regarding the fine of no-show. On the day before your arrival, they reserve the fine from your credit card, regardless whether you arrive or not. When you arrive and pay, they cancel the reservation and the money should theoretically return to your account soon (however, in my case this took two weeks). The strangest thing is that they did not tell me anything about this until I myself pointed this out.
All in all, I would highly recommend this hotel, but please be aware of their interesting policy and be prepared.