Makes a nice change from Midtown
Stayed here for 3 nights with friends. Have been to Manhattan several times before and always stayed in Midtown. While you don't have the convenience of stepping out of your hotel straight into the big department stores, I found this much better for eating, drinking and wandering around. I upgraded to a room on a higher floor and had a spectacular view over the World Trade Center site. 
If I had to recommend improvements I'd say it would benefit from a nicer hotel bar and the bathroom is a little outdated (all that marble!) - also I really resent the high prices that Hilton charge for WiFi in the room - it is 2012 after all!