My fiance and I spent 5 nights at the Australian Hostel in January 2011. For such a long stay you get a free airport pick up and a free tour to Giza (read: free transport there and back)
Both worked out fine, a driver was waiting for us outside the airport (we didn't know at first, but for security reasons only official reps are allowed into the airport). For the Giza tour we got a car with a driver to take us there, however, he was only willing to wait for 2 hours. We found that wasn't long enough and negotiated 3 hours, which we found was long enough.
The hostel is very centrally located, 10mins walk from the Egyptian museum, and there's a tiny dairy-like shop right across the street. McD is round the corner, and KFC is 5 doors down the street.
The building is downright disgusting. There was bloodstains in the hallway, and the elevator shaft is being used as a toilet and rubbish dump. The Australian Hostel is located on the 3rd floor (there's an elevator, but it doesn't have any doors, so you might wana be careful or just take the stairs)
We booked a double with shared bathroom for EGP50 per person per night, and got a triple. The room was spacious and the beds comfortable for hostel standard. There's only 2 bathrooms and they both have a shower and a toilet in there, so you might have to wait a bit to go to the loo if people are showering.
I found the staff helpful when you asked them for travel tips and things to see, but most of the time they were sitting at the computer playing video games or watching TV all night long. It's quite a noisy hostel at night, 3 nights we got up between 2am and 4am to either turn the TV off because no one was watching but it was blaring, or, when the staff was watching, ask them to turn it down. The walls are thin and you could hear every line from the movie.
The breakfast is nothing special. A hard boiled egg, 3 stale breadrolls, jam, and soft cheese, tea or coffee. There's computers plus free wifi, but it was broken on 2 days. However, they did fix it once someone told them about it being broken.
The thing that annoyed us most is that people - especially the staff - smoke 24 hours a day everywhere in the hostel. We haven't travelled to Egypt, this stay in cairo was only a stopover on the way somewhere else, so this might be typical for Egypt, I don't know. But as a non smoker I found staying there disgusting.
Also, there's (as everywhere in the city) heaps of stray cats around. They linger around reception and lounge. Not very hygienic, cause that's where you eat.
All in all, it's an alright place for people on a seriously tight budget but we probably wouldn't come back.
