Quick summary: if you plan to be out and about constantly and just need a place to sleep in a central location, this is as good as any. Lots of street food & restaurants, some bars (with live music!), and a small outdoor park nearby (on the Chao Phraya). Reasonable service, kind of dingy, could hear the neighbors breathing, but it had TV and AC and linens that didn't look too bad.
The long version:
Perfect location for being able to walk/tuk tuk to just about anywhere of interest. In the heart of the Banglumpoo district - a block from Khao San and about 3-5 minute walk to the Chao Phraya river and lots of restaurants, shops, etc. We had some great cheap meals in the immediate vicinity. Plus, its really close to nighttime street food vendors (I ate it all and never got sick). Also, during the day the street is filled with clothing vendors, which is great if you like shopping for cheap everyday items but kind of stinks if you don't want to be walking through the cramped quarters going to/from the hotel.
The service was nice and accomodating, but I got the feeling that we paid more than we should have. I'm not saying this place is at all expensive - it was about $14 a night w/AC in August of '09 - but this was our first stop in a very long asian vacation, so it was only later that I realized you don't need to settle for dingy, dark rooms with cockroaches (I live in a city and can overlook roaches, but there were a few too many), mediocre beds and extremely loud domestic disputes in the neighboring building for this price. There's very few windows in the place, so don't expect a view unless you ask & pay for it.
Breakfast was ok - its free with the room so you can't complain...Watch out for the tailor in the adjoining building - if he thinks you need a new suit he will let you know...constantly...
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