Stayed in a triple room (really a twin + an extra bed) for five nights with two friends in September 2012. Room spacious enough - certainly would be more than fine for two. Ours had a small en suite (toilet/bidet, sink, shower), which was clean and functional. The communal bathrooms also looked ok. Towels and bed linen provided, room cleaned every day.
No air con, so fairly hot in the night. The trams on the street outside are noisy, but earplugs solve this problem easily enough.
The staff speak little English but are very friendly, offering restaurant recommendations and such. A bonus was the basic breakfast served in the reception area every morning - we weren't expecting this, and aren't sure whether it's a regular thing.
There are a few restaurants and bars in the immediate vicinity, which generally seem to offer good value. The area isn't the nicest, but was fairly quiet at night (aside from the trams) and didn't feel unsafe. Loreto metro station is a few minutes' walk away, making travel around the city very easy.
Overall highly recommended as great value if you're simply looking for somewhere comfortable to sleep. Definitely more of a hotel than a hostel, and cheaper than many of the latter we looked at.
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