This opened up a few months. Stayed for 3-nights in Oct 09., looking at the other recent reviews on other websites it looks like many people have had bad experiences as well.
Location is absolutely horrible, but that's what you for such a cheap rate, that being said, if you go with a local Thai branded hotel they are on the main roads, were better quality at the same price, and in this case the BW brand doesn't mean much at this location anyway. In addition to the free tuk-tuk they do have seedy cab drivers sitting outside hotel, they harass you but then are also picky in where they want to drive you.
Yes it was cheap, but even then they completely rip you off with the exchange rate - I travel a lot and understand hotel rates are subject to foreign exchange but they used my US$ rate and charged me in THB at around 36-37/$1 at the time the rate was around 30/$1 on the streets (i.e. they take a 20%+ spread).
They had no clue how to accept the BW Travel Card despite there being an ad for it sitting on their front desk!! Horrible attitude with the staff in trying to figure this out, blaming it being a new hotel (so they won't accept the card but they'll promote it?!?!). Had to give up in the end.
Internet connection is horrendous, only works intermittently, even when I went into the hallway and stood directly below the router the access was horrible.
Only good part was there was a very friendly bell hop, he knew the area and arranged a taxi for me to do a day trip to go to the Floating Market, but then again he probably got a nice kick back from doing so *WARNING* the vendor that this hotel's preferred taxi service takes you to wanted THB2000 for a 1-hr boat ride for 2 of us, ended up negotiating down to THB600 but I know I still over paid.
The breakfast was decent (to a North American) but relative to the Asian standards it was sub par.
Finally, despite me confirming that they had my BW membership# I checked in, and again at check out, points were never posted to my account.
A lot of better options out there, this is Bangkok, there are 1000's of hotels, stay away from this one.