Not great, not horrible. Ok compared to other Munich hostels.
Jaeger's is an ok place but nothing really recommendable. As absolutely NO hostels in Munich qualify as a good hostel (in my eyes), I guess this place also (barely) passes as recommendable. Positives -- decent pricing, good security, 24 reception, free wifi (only in lobby though and quite slow), good showers, good location, clean. Negatives -- rather smallish dorms, very squeaky metal beds that constantly bump into the very squeaky metal lockers, no wifi in other places than the lobby and it's slow, not a great atmosphere, no kitchen.