I think I've mentioned in other reviews that hostels in Brisbane just aren't super-social for solo travelers, particularly because the city is more of a transit point than a destination. On top of that, every hostel seems to have its own bar that it channels all its business into, so they don't have many good social/hangout areas to encourage people to meet.
So if you have that in mind, the Palace Embassy might be for you. I wound up there because I couldn't get a room at the Palace Central, but at three blocks away, this isn't a bad choice - the rooms are ultra-modern and clean, have plenty of electrical outlets (believe me, this can be important) and the bathrooms are ultra-modern, clean, and have PLENTY OF HOT WATER PRESSURE. This is key. After traveling around Australia for weeks on end, a hot shower with killer pressure is a godsend.
Laundry facilities are plentiful and good, and there are TV lounges with - get this - bigscreen TVs and surround sound. There's also one outside deck with a barbecue, picnic tables and lougners, and these seem to be about the only place to meet people at this hostel.
Location is very central, just by the Queen Street Mall, which is the retail - and sometimes social - hub of Brisbane. You're also by Central Station and pretty close to the Riverside section of town, so pretty much everything's in close reach.
Recommendation: Good if you're not looking to meet anyone, and especially great if you have some laundry and heavy duty showering to do.