My girlfriend and I stayed at the Pint on Punt for 6 nights in july 2010.
On the good side, the staff were really friendly and helpful, definetely the highlight of the Hostel. The location also wasn't bad, you had to catch a tram to go anywhere other than St Kilda, but there were tons of trams within walking distance, so no problem. Also, below the hostel was a nice, lively, cosy pub were you could down a good pint or two.
The double room we rented for about 60 dollars a day was a total rip off, though. It was old, dirty, hadn't been properly clean in ages, there was dust all over the carpet and parts of the bed, the tiny, ancient sink was almost clogged, you couldn't leave the water running for more than a minute without filling it up, the bathrooms sometimes lacked toilet paper and the windows in one were broken so they let in all the nice melbourne winter cold, only one of the showers worked properly, the others constantly alternated between icy cold and burning hot water, there was no soap anywhere to be seen and it also seems like the toilets hadn't been cleaned in a month. The sleep quality also wasn't the best, since people that worked were living there and made a total ruckus in the morning.
The owners of Pint on Punt should be ashamed of themselves for ripping off their customers in such a way - we didn't expect any luxuty at all, but at least a clean hostel with working plumbing and windows to keep in the warmth. The only way to sleep there properly would be to get totally hammered in the pub every night, which they invite you to do - that's be great, if the purpose wasn't also to make you forget the crappy place you're staying at. It'll probably be more tolerable in the Summer, when you don't need windows, though.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.