This place is in an amazing location on the 'other side' of Charles Bridge. It's about a 5-10 minute walk to the bridge through a beautiful park and cobbled streets in a really pretty part of Prague. It is away from the crazy tourist hoards that are typical of the old city centre.
The hostel is also pretty basic. I found it clean (but it was really quiet when I was there) and tidy but it does feel a bit like a monastery in that there are absolutely no extra touches. It was dirt cheap however (I think I paid 11euros for a dorm bed) so can't complain.
All in all I would recommend this place on location alone but just be aware it is very spartan.