Room was super small (although we expected as much) and we had barely enough room to put our minimal luggage (we only had hand carry baggage, so they were quite small), nor to stand around. The room did not smell good (urine? but was fine after a few flushes and 30 minutes of turning on the exhaust), and the sheet and pillow covers did not smell fresh (we covered the pillows with our extra shirts or shawls. The Indian lady receptionist was not friendly. BTW, the Paris Guesthouse is a part of some sort of "group of hostels" which means you can be given a room that is also used by Days Hostel, Dhillon, Manila Guesthouse, Day and Night, etc.
Located in the famed Chungking Mansions in Tsim Sha Tsui (TST), it is quite far from the night markets but is walking distance from the Star Ferry port, the TST MTR station, lots of malls and restaurants, and other points of interest. On the ground floor of the building, there are lots of Indian restaurants (check prices first before you sit down!), Filipino stores, money changers and other small kiosks for other helpful items.
If you are really trying to stretch your money and don't mind the discomfort of small, a-bit-smelly rooms, then this will be just fine. Enjoy HK!