Friendly staff, close enough to Taksim square if you want a workout, good wifi connection, handy laundry service. Warning: if you're sleeping in the dorms, bring earplugs.
Probably the best Hostel I've ever stayed in, in the Asian continent.
Note: for newcomers to HK, the hostel is hard to find, especially as it does not call itself Studios HK, but has an entirely different name, which I can't quite recall. Train stations are nearby, so it's well-located. Rooms and bathrooms do not in any way resemble those in the Hostelworld picture, but they're very good anyway. The shower took 10 minutes to warm up and then 3-5 to cool down again, but this was not a huge problem in a warm clmate such as HK's. Good company excuses any faults.