Great Staff, "Ikea" Rooms
During Hurricane Sandy, after being in the dark for 24 hours, we started looking for a hotel room close to home, and managed to get one at the Milford. It is under construction, so the noise level is high during the day, but at night, it became quiet. Our room faced south and onto the windows of another part of the hotel. It had a comfortable bed, and lots of hot water, which was what we did not have at home! 
Our room was really only for two people; we don't think you could get three adults in there. It had a very small closet, but three very large drawers. If you have large pieces of luggage, this room would be difficult. The towels are small and just okay. A loud air conditioner, too, but it worked. Imagine Ikea designing a hotel room--furniture for a small space. Nothing fancy, just the basics. 
Having said that, this place has a terrific staff. People are friendly, and they care about their work. We met one of the managers, George, who worked throughout the storm, and obviously loved his job. A nice maid, although she rarely got to our room before 1 PM. The hotel takes airline staff, so it seemed the priority was getting rooms cleared for incoming guests. Check-in and out was difficult because lines were long (due to Hurricane Sandy and folks coming in for the Marathon) and the area to do that is small, but again the staff was nice. There are lots of elevators; after you key in the floor, you go directly there. 
One disadvantage is that there is no room service; presumably after construction, they will have a kitchen. If you're a tourist, this is not a problem because the neighborhood has lots of restaurants and delis. 
If you don't care about the size of your hotel room, this place is a bargain when you pre-pay. We're native NYers who travel a great deal, but our only experience of Manhattan hotels comes from family and friends who have visited the city and stayed in a hotel room that we have seen. What we can say is this place is well-located because it is near two west side subway lines that will get you almost anywhere in the city that's got a tourist attraction, plus it is right near Times Square. (We don't know why tourists want to go here, but you can walk there from the hotel.) Also, you're a couple of blocks from the major Broadway theaters and, if you are a fit, a 20-minute walk away from Central Park. You can also walk to MOMA from here. 
We walked to our usual haunts in Hell's Kitchen on 9th Ave. for dinner (Afghan Kebab House on 9th between 51st and 52nd) and picked up breakfast at Amy's (9th Ave. between 46th and 47th), and one night got a pizza at Don Giovanni's, not our favorite but it's nearby on 44th between 8th and 9th, a short walk from the Milford.