I booked 2 nights here simply because it was a good value, and was pleased to find it's better than your average Ibis.
I stayed in a standard room. Yes it was small, but it was clean, comfortable and nicely furnished with a queen bed, LCD TV and work desk. You have to pay extra for wifi, but since it's a budget hotel that's fine.
The staff were lovely and the location is excellent - don't miss the market!
If you need a good place to sleep in a central location - nothing fancy - the Ibis Melbourne is perfect.