We stayed there for 5 nights in December 2011 with my wife. Double with privete bathroom very good value - hotel quality for AR$300, quite good breakfast (in compare what we got in the rest of the Argentina :)), nice kitchen (even if on the last day I met some warms at there, still nice), very good common areas and roof bar with resonable pricing what's rare in BA.
Nice and helpful people at the reception and you can buy bus tickets there which is a good deal if you intend to travel a bit as we did. We spent last night in the dorm which was small and with no window but for the dorm quite ok.
We had got a room with the street window and it was noisy even in the night so if possible ask for another room.
I highly recomend this place!
P.S.
If you go there form the airport you can save your peso by taking a bus number 8 (2hours drive, cost 2 AR$) the bus stop is right in front of the hostel. Also from the train and bus station it is worth to take a subway - fast and far less expensive than the taxi.
