A hostel is a hostel. Either way you cut it, it's probably a good idea to be a wee bit drunk before you go to bed so as to ensure a sound nights sleep.
General disclaimer aside, the Global Village isn't too bad. 25 dollars for a dorm room bed, which is the standard big room with bunk beds. The bathroom on my floor was clean and didn't make me wonder if I'd contracted something. But! I stayed here one night in January and it was freezing cold. Woke up at 4am and promptly balled myself up under the covers and stopped moving to retain body heat. That said, you can get extra blankets (the staff are super nice). There's also a free breakfast, which is pancakes, coffee and cereal. Really the best part of this place is the location. King and Spadina is a great spot from which to launch any Toronto adventures. Probably wouldn't stay here over a night or two.