While the MTR stations along Tsim Sha Tsui and East Tsim Shat Tsui are nearby, you would need to cross the street via the underground passage or the elevated walkway. There is a SOGO store nearby. Location is superb, considering that you can take a leisurely walk to the Hong Kong Space Museum, Museum of Art, or further down to the Star Ferry Terminal and not have to cross a street filled with vehicles. There are also a few buildings beside this hotel, unlike most areas in Kowloon and Central/Wan Chai which gives a feeling of expansiveness.

Overall, the Renaissance Kowloon is value for money and a low risk choice.

While the better views generally come with a more expensive room, the Salisbury makes for a great base from which to explore Hong Kong if taking the MTR or Star Ferry. It is a block away from shopping at Nathan Road, although there is not much shopping on Salisbury Road and Kowloon Park Drive, which are the streets that intersect the hotel.

To repeat what I said at the start, the single biggest benefit of this hotel is the location in Kowloon and to a lesser extent, more reasonable room rates compared to the other hotels in the same area.

While we initially had problems with checking in - the rooms were supposed to be available by noon, then 2PM, then 3PM, the front desk staff were generally patient and friendly. We finally got our rooms set up almost 5PM as there were requests for extra beds. Main reason for the delay was that the hotel was booked full the previous night, although I think it was the lack of housecleaning staff that aggravated it.
Butterfly on Prat is primarily ideal for couples, or those without children. There are about a dozen rooms on each floor, and children running along the corridors can be quite noisy. Make sure you request for a room on the higher floors, as the street downstairs can be noisy with cars honking their horns loudly when there's traffic during rush hour or at night (aside from the clubs mentioned earlier). 

 
Along Prat Avenue, there are a few reasonably priced Chinese, Vietnamese and Thai restaurants that serve great tasting food...the best bargains are during mid-day as they offer specials that include meals plus drinks (HK$ 23-40). 
There are a few convenience stores less than 3 minutes walk away, and you can buy food supplies and snacks as the rooms provide a refrigerator (empty) and microwave. The hotel provides 2 bottles of distilled water (380 ml) daily, but it is recommended you buy your own at 7-11 to refill in case these aren't enough as Hong Kong is hot and humid in May.

Just a note of caution... not all rooms have opaque glass panels in the bathroom door and the bathroom itself...out of the 3 rooms, one had clear glass panels (!!!) instead of the opaque panels...which is exactly the reason why the place is ideal for couples or individual travelers. It is quite a hassle to ask the hotel staff to paste Manila paper on the clear panels for the occupants' privacy. Another reason this is suited for couples is that the room is quite small, and adding an extra bed doesn't allow much moving space.

Among the hotel staff, the front desk personnel (especially the ladies) are the most professional. They speak good English and are courteous. However, it would be difficult to make requests from the housekeeping staff as most of them barely speak English except the basics - "Thank you, good morning, etc.". 

There are 2 laptops in the elevator lobby area which have free internet access. No WiFi in the rooms, and there could be a charge if you use the LAN connection. There is a 32 inch LCD TV and an integrated desk/dresser which is a good use of space for the small room.

Overall, if you don't expect too much from an establishment like this compared to full service hotels, Butterfly on Prat is considered value-for-money.