I booked this hostel for my first night stay at Reykjavik before heading out to my adventurous trip the next morning. The staff were really helpful and answered all my questions patiently. The hostel has a nice vibe to it and the boarders are really helpful towards each other. The bar is well stocked, but unfortunately i missed the happy hours. The decor of the lounge is really classy and speaks a lot about the tastefulness of the Icelanders :)
Just for information - this hostel is located a bit outside the main city. So having your own transportation really helps. In case you don't have one, then the public buses can be accessed from nearby.