How about the YMCA hostel at Barbican? My main reason for choosing this is it is right next to my flat.
It is very central though and close to the Hammersmith & City, Circle, Metropolitan, Northern and Central underground train lines.
It is also right around the corner from superclub Fabric, which we could go to, to finish off the evening, especially if we are there on a Friday Night!
This page has info on room rates: http://www.cityymca.org/BarbicanAccom.htm
Barbican is also smack bam in the middle of the City Of London district, and there are literally hundreds of WIFI signals around that area, if that interests anyone.
How about we do a vote on which hostel to pick, once there are a few more suggestions?