The price is decent for Bangkok (not so much SE Asia in general) and the location is right next to the BTS (Thong Lo) which is great for getting around. The hotel is also right across from a great night market on Soi 38. We went there several times for cheap, tasty, local food. Around the corner - about ten minute walk - are more shops in the small town centre of Thong Lo.
The hotel itself is pretty average, though not nearly as bad as some cheap Bangkok hotels.. you need to think with the right perspective - cheap in Bangkok can be awful, and this hotel, despite some negatives, certainly isn't awful.
The reception staff aren't very friendly (though the owner seemed nice enough), and the rooms are very small and basic. We ended up staying for 10 nights while we waited to get our Indian tourist visa granted so it was a good cheap option to hold up in Bangkok. We tried 3 separate rooms; 2 standard and 1 superior.
All had their own problems; mostly in the bathrooms. Weak water pressure, leaking water etc. The superior room certainly wasn't worth the extra money they charge (they gave us a discounted though rate as all the other rooms were booked). The noise from the nearby road was really loud in the superior room we were in, louder than the two standard rooms.. it also only had semi-transparent blinds instead of curtains, so we were woken up by light and noise around 6am. The fridge is the main addition, and a fraction more space.. but still no wardrobe for clothes or anything so it amounts to the same room really.
Something quite odd in all 3 rooms were the almost completely transparent bathroom doors (really transparent during normal lighting and basically a clear glass door at nighttime with the light on). The view from the bed is the actual toilet so you may get to know your partner or friend more than you would wish.
Free wifi was a good plus (though it did play up quite a bit) but in general when it worked it was fairly fast.
Overall it's an okay cheap pit stop in a good location - the service and rooms could easily be improved but we didn't regret stopping there, it did us fine. It's hard to get this price for the location and despite its flaws, we'd stay again if we needed a cheap option and we'd recommend it in the right situation.