We loved staying at Panco and will absolutely stay there again the next time we're back.
The location is excellent — a 5-8 minute walk to the Zhongshan MRT stop (red and green lines) but lots of buses even closer. There are lots of great food options and bars in the area, and there's a popular and well-stocked fruit vendor around the corner, which is a welcome addition to breakfast.
And speaking of breakfast, the hotel provides a wide variety of Taiwanese foods, which we really enjoyed. We stayed in Panco for two weeks and noticed that the breakfast changed almost every day. And in the evening, the hotel puts out water bottles and a variety of complimentary snacks.
The hotel was very clean, and the staff was very friendly and always available to help. They allowed us to stow our luggage there the morning we arrived and helped us call a cab when we were leaving.
The only downside, which we knew going in, was that the hotel room was very small. We could only open one suitcase at a time, and when the suitcase was open, we wouldn't be able to open the front door or bathroom door. But we didn't spend much time in the hotel room, and the lobby was always available (we even sat in the lobby one evening to play a small board game, drink a beer from 7-11, and eat takeout).