Overall the Central House is a great home base. I stayed in a 4-bed coed dorm. The curtained bunks are cute and efficient, with a light, plug, and little shelf inside. The beds are inexpensive enough that I booked for my entire stay, even though I did an overnight elsewhere. It was nice to have a locker to leave things in and come back to. Being in the Baixa, it's centrally located and convenient wherever you're looking to explore in the old town -- Baixa, Bairro Alto, Chiado, Alfama, even Belém is just a quick trolley ride away.
The only downside is that the Central House doesn't have a kitchen which, as a longtime hosteller I expected and didn't even think to ask about. Unfortunately this made my trip significantly more expensive as I had to eat out for every meal. CH does provide a breakfast option for €8.50 but I opted to eat out at Hygge House or Copenhagen Coffee Lab, both very close and with much better bang for your buck.
Still, CH is beautifully run with excellent service and hospitality, clean rooms, cute bunks, and a very convenient location.