It's a great place. Friendly and helpful hosts, cool atmosphere. There are many nice bonuses in the form of a free breakfast and fried sausages every evening.
The best hostel I've ever been to in my life, we were going to have a party for the New Year and specially chose this place in the hope that it would be fun.
It was fun, a week of hanging out until morning! Prague and Hostel Elf — one love!
P.S. Ideal for party goers, for couples and even more so with children — everything will be exactly the opposite.