If you're travelling solo, which many backpackers do, you'll have mad fun staying in hostels, partying with different people in each of them. Of course, you also need to watch your valuables and make sure no one picks your pockets while you're asleep. Make sure you have a decent supply of ear plugs too, you never know who's gonna keep you awake all night, snoring in the bunk above you.
I once stayed in a hostel for four months.
Was a lot of fun and I made some contacts which I still keep in touch with, several years later.
All in all, I'd say it's a very nice experience, as long as you stay on top of your game and don't lose or get your stuff stolen. Possibly not the greatest play to take a chick you pick up in a bar though, so unless you plan on fucking chicks staying in the same hostel you'd probably need to ask her to take you to her place.