Good value for the area. The bed was comfortable, and the room was compact but well fitted out, though the "industrial" style might not be to everyone's tastes. They'd thoughtfully provided earplugs and a white noise machine with a wide variety of tracks. The room was rather under-lit, though; it seemed like it was missing a main light.
Check in was simple even though I arrived late, after the front desk had closed. The front desk staff were friendly and storing my luggage after I checked out wasn't a problem. There's a nice breakfast place, Zinqué, next door too.
The main thing to note is that the area was very noisy — the aforementioned noise machine helped a lot, but I wouldn't recommend it for light sleepers. That said, I'd come here again for a short, budget stay in Downtown LA.