Enjoyable first time stay
We stayed here 17-21 June, on 21st floor. I can see why other reviewers have commented on the age/decoration of the hotel, it could probably do with a refurb, but we found our room large, clean and comfortable. We didn't wait long for the lifts either. 
The best thing about the Wellington is its location. Diner underneath (used 3/4 mornings for bfast), other diners/delis on next block (Premier deli - good for snacks). 10 mins to Times Square, theatres nearby(saw Jersey Boys - fab), subway on corner, we walked to Rockerfeller Centre. We brought a travel kettle and instant tea with us for an early morning cuppa as no facilities in room for this. 
I gave very good instead of excellent due to noisy air-con, but this is probably due to the hotel's age.