The first time that I stayed there (in 2000) I thought that I had died and gone to heaven - 24 hour curfew, a stones throws from the RLD (but strangely on a quiet street), 24 hour residents bar with great beers on tap and they served a wicked 'full english' breakfast.
I stayed there several times over the coming years until I booked a dorm there last year - I checked in around 8pm and went on a nights RLD activities. Returned about 1am to be told that they had made a 'mistake' with my booking - they had moved my stuff out of my room and decided that my bed for the night was a mattress thrown on the floor in 10 person dorm, where each person would have to step over me to get to the toilet - no apology, no refund from the management.
Thats my story, maybe I was unlucky. If you want to get a better feeling for the place (and other hostels), I would check out the feedback on -
http://www.hostelworld.com/
If England are playing in A'dam the same weekend as you are planning to go, I'll guarantee that that the place will be full of gentlemen donned with Stone Island / Paul & Shark / Hackett etc etc
Regards,
bb69