Panda's Hostel Elegant, Budget double (red/white room), 2 people, 7 days in Summer 2015
First, really easy to find:
Exit B1, Tsim Sha Tsui MTR. Go right out of the exit, pass the bank, look for the SASA cosmetic store. Find the doorway next door that says "Comfort Building" above it. Use the elevator, 3rd Floor. The hostel is on the left. Go through the swinging doors and ring the bell.
Second, it is a typical hostel:
The whole place was well kept. Bed, bathroom, and room were nice and clean. The bathroom is a shower-over-the-toilet style. Towels and bed linens were provided. Towels and trash were changed every day. Water kettle is provided in the common space and the wifi worked well.
This room is small (budget double) but I saw other rooms during housekeeping and they're bigger. We stored our luggage under the bed and could get up and turn around a few paces.
Overall, the hostel was great on our budget and really accessible. The staff was nice. The budget double did not have a window which is ok but not for those with sensitive circadian rhythms. Some kitchen smells from a restaurant in the building would sometimes waft in but that's to be expected in a compact hong kong building. The walls are a bit thin so you can hear water running in other rooms or some conversations in the hallway. However, if you've ever been to HK and know what hostels are like, this is actually a really nice one. Avoid the scariness of Chungking Mansion hostels! This one is great!