The thing about Urban Central is it's newness.
Having stayed in one too many backpacker in Melbourne, I have to say that my expectations were exceeded when I learnt that the maximum dorm size is 4 beds, and inclusive of towel, on top of the usual linen! Reverse cycle heat-pump-air-con is available in each room.
What made it more convenient for me was the use of a proximity card (ie. "tap-and go")for lifts and rooms, sparing us the chore of inserting cards into unresponsive readers. Another big plus was that every oversized locker had a mains socket, so you can charge your mobile phone/ PDA/ laptop with peace of mind.
There is a direct tram 96 serving the accommodation to Southern Cross train/ bus station and the city. If you hunger for supper, the South Melbourne McDonald's just across the street while the adjacent BP service station shop would do well for some quick grocery.
Hope you find it a pleasure staying there too!