Best Value around Time Square
I stayed as part of a business meeting October 6 - 8th. The hotel was about 100 dollars cheaper than any name brand hotel in the area. The rooms are clean and nicely decorated and though small they are decent sized for NYC. Yes there is a seedy DVD joint near and a probation center on the street but there are peep show places all over Times Square The street is safe even late at night. It is across the street from the Bus terminal and a block from the subway so transporation is easy from there. Also, very close to Theaters and the very center of Times Square.
A couple of things. The hotel breakfast area is tight. Just like all things in New York.. real estate is pricey so things are small. So you are going to wait to get a table. Even if you go down early. Just understand it might take 5 minutes and you will be fine. They have a nice food selection and the coffee is very good. The staff will assist you to find seating. I might suggest they put some temporary tables out by the lobby during breakfast but again for what you save this is no big deal. Also, on weekends the Roof Top bar is very popular and stays open late You will sleep better if you stay below say the 29th floor. 
I would recommend this hotel to anyone. The staff is very freindly, the concierge on duty is knowledgable about the area. The hotel is clean and well kept and in my mind the best value in the area.