Great hotel is a great location
I stayed one night at this hotel with my three children. When we walked in to the sleek, modern and hip lobby, my 11-year old said "this is not a hotel for kids" with a big smile on her face. The staff was great, they had cookies waiting in the room for all of my kids and had given me an upgrade as a Starwood Gold Member. We were on the 54th floor, and while the noise was there, it was hardly noticeable. My kids were out like the lights down below on Broadway. 
The location was great, but Times Square was a very crowded place that was a little overwhelming to my younger kids. However, the hotel was an oasis of hip calm.