Oh shit, I've had bad experiences the both times I have stayed at a hostel. Hostels are for hippies.
The last night in Costa Rica, Katie and I stayed at a hostel in San Jose and it had a shared bathroom. I got up to pee in the middle of the night and the floor was all fucking wet. Who knows if it was piss, toilet overflow, sweat, vomit, semen or what. The shower and sinks were in a completely different room. Also, there was some lady screaming almost all night long and that made for a very restful evening.
Second time I was in Vancouver, BC Canada with my mom. Shared bathroom again, but this one wasn't bad. Weird smells around though. A god damn crane started hammering into the ground over and over about 4:30am!!! AM!!!
Anyway, yeah sounds cool to me. I'll have my iPod to drown out any cranes or screaming women.