Excellent Hotel/Excellent Price
Rooms are small (in a European hotel sort of way, but absolutely spotless. We prefer some atmosphere, rather than a impersonal chain hotel, so The Edison is absolutely wonderful.
The lobby is an absolutely standout gem, the doormen are super friendly, the coffee shop/restaurant is a NYC classic, Sofia's lounge (site of a scene in The Godfather) is friendly and old school, and the upscale Rum Bar is fabulous. In the evening, room keys are checked, and no one is allowed up into the elevators without a guest's permission. 
You cannot beat the location. Sixty steps from the center of Times Square. (I counted!) Right smack in the middle of the Broadway area, with the city at your feet. Absolutely wonderful.