I stayed here summer 07 on my own. Had nowhere booked so was a little worried that I'd be wandering the streets of Vegas. I found a hostel on the first night which was horrible, in a proper dodgy area and felt like I'd walked into a 18-30s holiday and the guy on the front desk was obviously peeved because I'd interupted him chatting up some girl so was really rude. Needless to say the next day I was straight out of there. Found Sin City Hostel and they got me a room straight off. The staff were so helpful. Told you all you needed to know about Vegas and always helped out. I kept extending my stay and they always managed to book me in for an extra night. On my last night I was supposed to leave but change of plans meant that at 1am I had nowhere to stay. They were brilliant and let me stay in the tv room for a knockdown price. They had free food and drink a couple of the nights I was there which was ideal as I was completely broke and had decided not eating was the only way I would have enough money to get back to San Francisco where I had a flight booked to New York. Everyone's really friendly here, nice communal areas where I met loadsa of people and on the nights when I couldnt afford to do anything I was happy just to hang out at the hostel with the staff and other people I'd met.
The only bad point is that its a bit of a trek to the strip but with the Deuce bus stop right outside the hostel even this wasn't a real problem. The area is a bit dodgy, I got asked to give a bj to some guy in his car when I was waiting at the bus stop at 9am with my massive backpack waiting to get bus to san fran! Bad times. But to be honest, its like this everywhere in Vegas. Its a dodgy place and it could be a bit intimidating if you needed to walk to the shop or something but I rarely went on my own anyway and, again, with the bus stop right outside the hostel you really didn't need to walk very far on your own.
Overall a top experience. The worst parts are to do with the city, not the hostel but hey, thats Vegas baby!!!