Average
My wife and I stayed in July 2012 and after reading the reviews we thought it would be better than it was. The rooms are small but nothing to complain about, there is a definite issue with privacy, make sure you go with someone your comfortable with. I read complaints about room size and privacy so I expected those things, what I didnt expect is the trickle that came out of the shower. I use a water saving shower at home but these showers were ridiculous, after a hot day walking around Manhattan you need a decent shower, 
Another Issue we found was if someone near by has their window open and they open and close there door it slams. I guess its something to do with the pressure in the room or something which makes the door soft close when the window is closed. Anyway if your neighbors are up early, you are too.
The position is good if you want to be near Times Square and Central Park, the staff are nice and helpful and the check in and check out was hassle free. 
I think it was an ok hotel but I would not recommend it to a friend, mostly because of the touristy position and not the Hotel itself.