It had only been open for 41 days when we visited and was that was quite obvious. The location was amazing. Right near the centre of the Old Town and easy walking distance to everywhere you would want to go. Only transport we used was the bus from the station and that wasn't far. Staff were very helpful and friendly and had some good recommendations. Kitchen was... adequate. Rooms were clean and there were lockable cupboards around to leave your bags in. I would recommend it.
Room was OK, quite cramped with 8 bunks but not a problem if you only plan to sleep there. Didn't use kitchen as it was so cheap to eat out but it seemed pretty decent. People we met had to complain and move to our dorm because their basement room was full of black mould and damp. Our room was free from anything sinister. Free lockers available, bring a lock!
The outside may not be pretty but have no fear, inside it's great. Pretty sure the hostel was newly set up as a lot of work could still be done. Showers etc. were pretty clean... and they worked. Kitchen is pretty good compared to most hostels. We brought our own bedding. Cannot praise the staff enough for how brilliant they were. They had loads of suggestions of places to go, were able to direct us to places we wanted to visit and were overall very pleasant. 10 min walk from station.
We got what we payed for. Everything was good. It's more of a hotel than hostel. WIFI was slow, room was small but neat, no kitchen available. I, however, would recommend this purely for the reason that it was nice and clean. We also got an ensuite! It's a 10 min tram away from the main part of town. There is a LIDL supermarket opposite the hotel so good to eat cheaply. Don't forget that they add a tax to your stay.
Obviously, the location is not in the centre of the city, but it is a short bus/tram then metro out to where the shuttle bus picks you up. Keep in mind that after your 1st journey, all others are 1Euro. For us (early Aug '13) the bus came every quarter past the hour (sometimes more). I recommend some mosquito protection because - as the name suggests - you're right by a lake. Kitchen was pretty good. Lake's good to swim in. Very friendly place and staff were great. Would really recommend!