Incredibly, ridiculously cool. I will stay here every time I come to Austin if I can. It's on South Congress right across from a bar where "southern culture on the skids" (a longtime favorite of mine) is playing live tonight. It has really nice rooms, and shared bath rooms (where I'm staying for sub $100). The attention to design detail is striking, there's a gorgeous little pool, the beer selection is obscure, there's free wifi, and the place is just really, really, well done.
Don't be fooled by the "motel" - this is a destination in a fantastic location.