Pro: Great location. It's "great"not only because it's just next to the underground station or generally walkable distance to all key sightseeings of Berlin, but the area around is amazing too. There are so many places you can go for dinner and drinking: craft beer bars, pubs, burgers, Asian cafes, trendy shops, etc. Really cool. You may just stay in your area and get a quality hang-out. Very hipster-style. By the way, on the top floor of the hostel, there is a cool bar as well: very dynamic and social.
Con: Wi-Fi works well only on the top floor and on the underground floor. But it's not a real issue, because you came to Berlin, why would you need internet that much? :) Besides, coming to underground floor or to the bar on the top floor, makes you more socialize as well :D