You could do better for the price
I should preface this review by stating that I used to live in NYC and was talked into staying in Times Square area a bit against my will in order to accomodate some guests who had never been before and wanted to do the tourist thing. 
Unless you are a large family looking for a good steal (as the rooms are larger than most in NYC), you could probably do better. 
The PROS: service was always courteous and useful. location (if you want to be in an area swarming with people 24/7 and close to TS). room sizes are slightly larger than most in NYC.
The CONS: location (if you don't want to be in an area swarming with people 24/7). the hallways were disgusting - I'm talking about wallpaper falling and stains everywhere. bathrooms need cleaning and renovating. TV remote was nearly impossible to use and the movies on demand function didn't work (the screen kept stalling). 
Consider the Sheraton across the street as an alternative.