It's okay.
Pros:
*Convenient midtown location away from Times Square and close to Herald Square subway stations. Walking distance to Penn Station.
*It's only been open for 6 months and everything for the most part feels new.
*Although the bathroom is small, the shower has an upscale feel.
*Contrary to a lot of the reviews, the front desk staff was mostly professional. My only gripe would be I requested a late checkout and don't feel this was handled correctly. I believe normal checkout is noon. I needed 3pm but would have been happy w/ 2pm. The front desk's original answer was a 12:30 checkout. I politely asked if my platinum status w/ Priority entitled me to something later than 12:30. I was given 1pm. Gee thanks. 
*It was kind of neat to have a view of the Empire State Building.
*There's a free business center on the C level w/ two computers and a printer. It came in handy a couple of times.
Cons:
*The phone randomly rang a few times for no apparent reason. I called down to the front desk and asked why. They had no idea.
*I've read a few reviews about having a mini-fridge and microwave. I had no such things.
*Maybe I'm just spoiled, but the rooms are small. I know rooms in New York are generally smaller. I've stayed in close to a dozen hotels in New York, and with the exception of the Indigo in Chelsea and the closet I stayed in the at Herald Square Hotel, this was the smallest.
*The surrounding neighborhood is kind of blah. You need to walk a few blocks before you find any restaurants/bars of interest. It's kind of disconcerting at night when all of the surrounding businesses have metal guards over their doors with random graffiti. I never felt like I was in danger or threatened. I just felt kind of deserted at night. Totally different story during the day. 
*Housekeeping failed to show up on twice even though the do not disturb sign was taken down before 1pm on both days.
*The elevators could be painfully slow at times. I know there's not a freight elevator because the housekeeping and maintenance staff are constantly in the same elevator w/ the general public. Maybe if they had their own elevator it would speed things up.