This place is awesome and super cheap. It is located in a quiet residential area but right next to a tram stop a few stops away from the center. The rooms are enormous with huge comfy beds, free tea, very fast wireless internet and even a bathtub/jacuzzi (which they turn on for a little extra). There's free coffee at the reception, delicious breakfast included, and everything is spotlessly clean and nicely decorated. The staff is nice and motivated (especially Nikita, the night guy). All this, and it is very, very cheap.
I will stay here every time I go to Prague in the future. It's a no-brainer.More