I miss the socializing of my youth hostel days, but I do not miss the shared bathrooms. I love a nice hotel, but they can be a little lonely. The Chillout Flat in Mexico City is the perfect compromise. It is like a youth hostel for grownups. And it is in the Centro Historico, the perfect spot to be, especially for first-time visitors to Mexico City. My friends and I stayed there on our way to and from Cuba, and it was definitely a highlight of our trip. I loved the shared breakfasts where we got to meet other travelers, I loved the comfortable and private rooms, the great wifi connection (if you stay at a place with spotty wifi you really come to appreciate a good signal!), and pleasant, welcoming atmosphere.
The drawbacks are only those that you'd find at most other places while traveling in Mexico City or elsewhere outside the United States where we are spoiled by perfect plumbing and soundproofing. Get ready for a shower that starts out hot and then gets cruelly cold (I just stopped using the hot water all together). Also, you will hear noise from the other apartments. The building was built in the early 40's I believe. Still, none of this detracted from the quality of our experience. When traveling, one must make adjustments of one's expectations. If you stay here, you will find yourself well looked-after and happy indeed.