I've stayed here several times when visiting Sydney. It's fine. Don't get nervous. But, especially if you're from USA where at least the ideal is "customer rights" (even if you often don't get them), lower your expectations about service. They work more on a vacation rental basis (hence the silly rental agreement at check-in) rather than a hotel-style set up, the latter, I assume covered by other laws.
Bondi was a working class suburb before the urban renewals, and the movie stars moved in, starting in the 1980's-90's and this place looks like a low end 1950's motel that's been tastefully, albeit economically, updated. That's why there's no central heating and you have to take plastic and tape for that open bathroom window if you're going to be here in a Sydney winter. (My windows were screened, so no mosquito problems). Winter heating is an oxymoron for vacation rentals in Australia - approx. May through September. I've felt colder in Australia at night in their winter than a US Midwest winter. Check on heating at any place less than four star if you're going in winter and you feel the cold. But Sydney winter days can be really beautiful if it's sunny.
This place is good if you need free parking and want to save some money on snacks and the lighter meals. For me, it's a 10-15 minute walk (better to catch the bus down) to the beach and the main restaurant, cafe and night life areas of Bondi. And a ten minute bus ride to some of the best in Sydney shopping at Bondi Junction.
On the three occasions I stayed, I found the "studio apartment" very clean, the bed comfortable, the linen not threadbare, and the size good, with ample closet and storage space. The bathroom needs help, has no storage, but is ok and there's good shower pressure and hot water. There does seem to be a recurring problem of non-working lights, but they try to fix them within 24 hours of reporting. The TV is a joke and the coffee table just in the right location and right height and size to always trip over. They also have a silly system for after-hours arrival with extremely poor instructions. Be prepared.
The place is overpriced, but you're not going to find anything with free parking and a kitchenette that's cheaper in this area. Bondi is a tourist trap for accommodation. But it's a great place to visit and has excellent public transport. It's half-way to Doyle's at Watson's Bay (a bus service on Old South Head Road a few blocks away, takes you straight to it - you'll never find parking in summer). That's my favorite place for some of the best fresh seafood in the WORLD, simply prepared - even though it's $45 (3/2012) for "Entree" (Main course) - and as much fish and chips as you can eat - the bottomless plate, last time I heard. It has a ground floor clear view over Sydney Harbor straight to the city skyline. Get to Doyle's Watsons Bay at least once and do a Cafe crawl around Bondi Beach. There're lots of them. If you like the best in Jewish style desserts, get to the Gelato Bar (very little Gelato, lotsa large serves of cakes etc.) on the beach.
Anyone coming from the USA (excluding big cities) is going to get sticker shock for accommodation and a cuppa Joe. Never expect a bottomless cup, (even their biggest cups are 10 oz) and say goodbye to a server walking around with a coffee pot with brewed, (stale, weak?) coffee.
Overall I've always been comfortable at Ultimate (superficial?) Apartments, but it's no frills. I can put up with unhelpful, and even rude, reception staff who won't have any real tourist or transport info and I don't need the services provided in a standard hotel -- like you'll have to wash the towels yourself in their laundry if you want fresh ones before your week is up.
Comfortable, but no frills and no service.
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This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.