We stayed four nights in a studio apartment. This is a great spot and we will be back, but you need to go with realistic expectations. Our apartment was clean, comfortable and generally quiet (a little bit of noise from other guests coming and going, but not a problem really).
The unit has an older style kitchen that is not super well equiped. For example there was only one dinner plate, and pots and pans were just average. No range hood or exhaust fan in the kitchen means that you need to open windows to cook (not so nice in winter).
Similarly the bathroom is functional - clean but old. The shower/hip bath had some rust spots, which didn't bother us but if you are expecting new, five star accommodation then you will be disappointed.
TV was an old style, cheap CRT model with a digital set top box.
None of this would stop us from going back. The bed was comfortable, the airconditioner worked well and kept the unit nice and warm, and the location is fantastic. In one direction is Lygon St, in the other Fitzroy. Easy tram to the CBD. We shopped around and this ended up being good value for money. Whether you enjoy this accommodation will depend on what matters to you - for us, location, quiet, nice comfortable bed, and big self contained room made it great.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC