A poor excuse for a supposedly hip, high-end hotel
My company has a deal with this hotel and so I stayed here for ~6 weeks, typically 3 nights a week in late 2011 and early 2012. I would not recommend this hotel for the price, even in NYC. At a summary level the problems with this hotel are poor maintenance and poor management. On the positive side the location is very good for business in mid-town and convenient to the subway on the East side. After week 2, I decided to write to the manager, Edward Maynard(that was always leaving me automated voicemails welcoming me). I kept track of problems and issues to help him improve the hotel. Here's the highlights:
Week 1 - AC/Heat didn't work. Froze my bottom off trying to sleep.
Week 2 - Drain is clogged. Staff turned off heat and I returned to freezing room.
Week 3 - Sliding bathroom door in suite doesn't work so you have no privacy if you are sharing the room. $200 in random mini-bar charges in one day (that were quickly reversed when I pointed them out)
Week 4 - Dirty bathroom - Urine on toilet seat when I first entered the room. Only one wash cloth and no drinking water (supposed to be free from me as a Platinum Starwood member)
At least it's not risky staying at this hoel. Risk would mean uncertainty in whether or not your stay will be good. There is no risk - you will have to call downstairs because of something that didnt' get taken care of by the maid or someone else that should done it. Something will be broken. If you like that type of certainty, the W is your place!
On a very different note, when did W begin to stand for "Wines of Walmart"? I swear they have the most over-priced and least interesting wine list in the history of NYC hotels. If I recall they sell wines by the glass for $12 to $15 where the bottle retail is about $ 10. If they are going to charge 5x retail, they should at least have the courtesy to serve wines that are not quite as widely available as Columbia Crest, Jacob's Creek and Mondavi Central Coast. I'd like to at least be able to fool myself that I'm not being totally ripped off by drinking a mystery brand. 
Oh I sent Ed Maynard (manager) two notes on the above problems. No response. As I mentioned I am a Starwood Platinum customer and even so, I can't get service at this hotel. Perhaps you'll have better luck, but if you're not willing to bet your on luck at a $300+/night hotel I suggest you look elsewhere in Manhattan.