Survivable but only if you know what to expect
I stayed at The Monarch for 5 days during the Google I/O week and I wasnt exactly happy. I am used to budget hotels but this one is on the worse side. The main problem is the smell and look of things. The smell is omnipresent and on my second night I finaly got what it is - after running into two french girls totaly stoned. Yup, people are smoking weed over and over for years at The Monarch and the stale smell lasts. 
The rooms were not cleaned properly - there was an empty bottle behind the desk at my room (312) and the closet was full of labels and bags from Ross... It was what made me want to leave... I just could not on my tight budget :)
Otherwise it was ok. No bedbugs, enough warm water in the evening and morning, the coffee was passable (and actually nice to have), the vending machine was out of order but ice machine worked.
The surroundings are nothing I would like but nobody gave me trouble. And there are great places to eat in near vicinity. I Highly recommend the Pearl's - great burgers.