I have mixed feelings about this hostel. First, the good stuff:
Great location. Very close to bus, motorcycle/scooter rental shop, and only a few blocks from the beach. And if you don't mind a longer walk uphil, Diamond Head is also walking distance, or a short bus ride away otherwise. The Hostel has quite hours after 11 pm (if I remember correctly), but they're not enforced. There's also a ton of restaurants, bars, etc. all over, and partying goes late into the night all around the hostel, so if you have trouble sleeping with loud noises, this might not be a good place for you.
The owner's very nice, but the staff isn't always that great. I guess it depends on the time of your stay, but I encountered a couple of people with attitudes.
You can get free snorkelling gear (minus the flippers) and bodyboards for use. There's free wifi. Cheap surfboard rentals. They also provide a modest breakfast of coffee, tea, toast and jelly. During my stay they also barbecued hot dogs for free for the guests.
Now, for the weird/bad:
If you book a private room, you should be aware that the only way to get into the room is by going through a dormitory. In my case my boyfriend and I had to go through a girl dormroom at the beginning of our stay and a boy dorm at the end, which was a bit weird for all parties. I talked to one of the girls from the dorm and they agreed that the arrangement is weird, and said that my boyfriend scared them because he walked out of the room once while someone was changing. I also walked out of the shower (which is located in the dorm room and shared by private + dorm) once or twice on one of the guys changing. It's really not a big deal if that kind of thing doesn't bother you, but it's good to be aware that your private room is located inside a dorm.

My biggest complaint with this hostel is that I ran into bed bugs. After the first night of staying there I woke up with my right arm covered in big, red, itchy bumps. My boyfriend didn't have anything, so we thought it might be some weird allergic reaction. However, after the next night I woke up with even more red bumps, and my boyfriend woke up with a bunch as well, but his were smaller. That's when we thought it could be bed bugs. We notified the owner that we think there might be a problem and he responded by moving us to a new room, washing our laundry, and taking action to clean our old room. I was very happy with the response, but unfortunately for the rest of the stay we kept waking up with bed bug bites every morning. I know that these were bed bugs because I caught one and googled an image of a bed bug to make sure that's what it is. So even though the owner was very prompt about moving us, and washing our laundry, I'm concerned that both rooms we stayed in had bed bugs. It might be a bigger problem than anyone in the hostel let on. I realize that we could've brought the bed bugs with us to the new room, but judging by the amount of new bites I woke up with every morning, I have a hard time believing that it was the work of 1 or 2 bed bugs. But to be fare, I didn't hear of any other guests complaining of bed bug bites during my stay. I reacted very badly to these bites by developing big, swollen, red, itchy bumps at every bite site, while my boyfriend got tiny red bumps that didn't itch a whole lot. So it's possible that other guests didn't notice their bites, and I did because I reacted to them so badly. But it's also possible that this was a strange isolated incident.
I guess I don't really know what to make of our case, but I figured I'd lay this out for anyone who cares to read it, in case it'll help someone with their decision of where to stay.

You should know that we brought home bed bugs with us. I know they work at the problem, but while I had no bites during my stay, I have them now :(

If you're a deep sleeper, this place is good value for the price. The staff are friendly and have a ton of stuff to loan you, though it will take a while to get assistance since they tend to be slow or chat amongst each other and make you wait. Rooms are pretty clean, though have a wet smell to them, some ants and small roaches (they could really use some ant hotels in every corner). Free internet plus a communal laptop, they do activities, made an Xmas dinner which was really nice, and there's an outdoor area where you can just chill and meet people. Location is great.

Nice place. Staff is nice but not overly organized. Bus 19 or 20 will take you from the airport to seaside in about 90 minutes for only $2.50.

Access to bus routes from the hostel is great. You can get almost anywhere on the island with two buses and only $2.50.

Place felt very secure with gate and FMCS as well as keyed rooms. Female dorm is great with it's ow bathroom.

Although i was offered ear plugs, I found it remarkably quiet at night while i was there, considering it is right I the heart of Waikiki. However i am a pretty sound sleeper.