Just spent a week here it's a really cool hostel, theres a kitchen and batroom/showers to every 3 rooms (there is in mine anyway). It's right in the centre of town just off the mainstreet and really close to the train station. They have all kinds of discounts for food, bikes and a regular taxi helps you aviod being riped off.
The staff are really cool I stayed up with them till 5 a few nights painting the service area completely drunk as an ass. One of the arches was painted blue and one white theres actualy an interesting storie behind that if you ever go there ask the staff about it.
A good crowd goes to the hostel and it's very easy to meet people because of the layout of the rooms, they don't have a bar but thats not really a problem in Prague and theres a really cool one next door.
I'd recomend it to anyone I'll go back if I'm ever in Prague..