My place when first arrived in Beijing in 2008 for the Olympic Games, I always keep it as a good option when travelling to Beijing or to recommend for friends who do not expect much comfort (around 300RMB/night).

Pros: service, restaurant, location, cleanliness
Cons: small suite

We were a party of 3, and only booked the night prior to our stay. We found the hostel did not have the room we were expecting, and 2 of us were in a very small dormiotry room, albeit just ourselves.
Other than that, we found the accommodation quite adequate, and ideally situated for the Forbidden City and Tianamen Square. We had been told that the subway was a bus ride away, but found that was not the case, and was in fact about 15 - 20 minutes walk away, and therefore well within distance.
A taxi to or from the airport cost approx. 100RMB, which compares well with subway fares for 3 people.

The price is amazing for what you get. Clean and central located.
It is a big hostel so less familiar then smaller one but i loved it.

I booked a twin room (single occupany) via booking.com @ 160 CNY per night exc breakfast, for Beijing I consider this to be tremendous value. Don't be put off by the 'Hostel' tag, this place is effectively a motel.
The room was spacious, clean and secure with a decent shower and toilet facilty. Tea and kettle are provided as is shampoo and shower gel.
The communal areas have wifi connection and I managed to get a fairly decent signal in my room on the 5th floor.
Very close to tourist sites and not far from metro system, the reception staff spoke good English and were very helpful.
For the price you can't beat it