Very tiny but neat, clean and friendly. We stayed in a double room the size of a closet, but there was not a finger to put on it. In the room there was a bed, a tiny fridge, TV, free phone, free wifi, aircondition, a safe and a private bathroom. In the hall there was free drinking water dispensers. All of this for the price of cheap hostels in Hong Kong. The staff was friendly and gave us their phone numbers so that we could contact them whenever if we needed any help with whatever. During our stay in Hong Kong we also stayed at a nice Hong Kong hostel, but if you are travelling 2-3 people, I would definately choose sky hotel over any Hong Kong hostel. It is tiny, as are hostels, but it has all the comforts of a real hotel. (Except windows; our room had one facing a shaft, so not so window like, but we did se other rooms having real windows) Chungking mansion has a questionable reputation, but the worst thing I can say about the mansion is the occational long ques for the elevators. It's busy and packed with different minority groups, which makes it an excellent location for the citys' best Indian an turkish food, for resonable prices. You are offered copy watches frequently, but everyone accepts a "no" immediately.
All in all we had a pleasant stay and wish you the same. Good trip!