Located at the end of Chaweng Beach, it's only a 5 minute ride from the airport. It's also off the beaten track a bit, so it's very quiet here. The breakfast buffet was just okay. The rooms were a decent size, nice big balcony, however the floor boards were old and had big gaps in between them, so lots of dust and bugs in the room (probably from the sliding door that didn't shut completely). The bathroom had a nice big tub, but would be hard for some people to take a shower, although it did have a shower head that you could remove from the wall.
The staff were friendly and helpful. And if you are planning on renting a motorbike, rent from the hotel. Other places on the main road are generally cheaper (but only by 100 baht or so), however, they want your passport and drivers license (and not just photocopies) in exchange for the motorbike, so they'll trust that you'll return it.
I would definitely recommend this hotel to anyone on a tight budget! It's clean, it's conveniently located near the airport and the beach (the hotel itself didn't have a beach, just stairs that went straight into the water, but this was fine for us and we would just walk to the beach through the water), and close to plenty of good restaurants. Even if there are places you want to go to elsewhere in Samui, it's only an hours drive to get around the entire island.