Though it's quickly becoming packed like Khao San Road, it's still a good choice for the area.
The Khao Soi (with tofu for me) is great to warm up during the winter months, and still tasty the rest of the year. Chef Nuit's Pad Thai is good, but not remarkably better than the pad thai available elsewhere.
It's not as noisy as KSR, and for a little while it was easier to get in. That's quickly changing as people in the area are becoming aware of it's relationship to other great options around.