Standard and reliable
We stayed in Flatotel over the weekend (March 22-26).
 It was our second stay in 6 years (both times because we got it through Priceline). I did not see too many changes.
I guess we were lucky and stayed in a refurbished room, since nothing looked bad. The room is really big by New York standard; I wish they added an extra chair in the loungy area of the room - otherwise only one person can sit there (unless you roll over the bulky office chair).
I would say that it is a perfect location/room for a business person with one drawback: for a hotel of that level not to have a coffee maker in the room is totally unacceptable. They do serve coffee in the lobby but I don’t see it as an ideal solution.
The elevator was really slow in the day time; many times we had to walk downstairs (luckily we were on 11th Fl).
And my personal pet peeve: for a hotel that calls itself "a sophisticated retreat" (from their website), it should not be a norm not to provide proper glasses. Only paper cups are provided. Would be nice to have a corkscrew as well, but I guess it is asking too much.
To have New York Times delivered to your door was a nice touch (and the fact that you can pick up your own free copy in the lobby on Sundays, is awesome).
The workout room on the 46th Fl is great (for a hotel); plus the view alone worth the trip upstairs. 
The walls are not too think so if you have noisy neighbors (as we had 6 years ago), you will hear it. This time we were lucky and had a quiet weekend. 
We will stay again here if we get a great price on Priceline. Otherwise, I checked the published rates they charged and for the same period it was on the level with the Crown Plaza’s – and I would rather stay there.