Very good for a low budget trip. It's close to the British Library (if you want to work while travelling), restaurants, stations (Russel Square (app. 200m) & King's Cross St. Pancras (app. 600m)) and bookshops.
I was there for only a night but I was given a free room upgrade which was a really nice especially after a 15 hour flight. The location was perfect for me as I needed to return to another city the next day, so I was able to walk to St. Pancras Station really quickly with no trouble :)