Fantastic place to stay!!
We stayed here for 4 nights on our honeymoon in June 2012. It was fantastic!! We had booked the hotel using the TA reviews and we couldnt have been more pleased. Everything everyone has said about the hotel was spot on. 
1. Hotel is not on the nicest of streets with the Port Authority building accross the street - but was totally not of an issue as its still very safe and is only a few blocks from Times Square and all the attractions. One of the best things was the subway on the corner of the street which took you anywhere - would definately recommend to use the subway. 
2. Hotel staff are superb - Staff couldnt have been anymore helpful. We were offered an upgrade on our arrival as it was our honeymoon and were placed on the 30th floor. The staff also left us a congratulations card on our wedding and a couple of complementary cheescakes it was so nice. They were also helpful with regards how to get places and where to go. 
3. Rooms were great. - We had views to both the Hudson River and also to the Empire State building - it couldnt have been better. The beds were lovely and comfy and the maid came everyday to make the bed and also changed your towels every day or two. Being on the 30th floor also meant that we had no noise at all. There are only 5 or so rooms on each floor so you dont here a thing. 
Overall we had the best time and I would not want to stay anywhere else on my return to New York - my only concern is they will put the prices up as its so good.