If You Can Afford It, Stay Here
I've stayed in hotels much nicer than this (although this is a great hotel) for less money. HOWEVER, they were not in Times Square, and that was worth a lot to us.
We might as well start with the rates. We were there in June and our rate was different every night of the week with the least expensive being $500. for a room with two adults. This is much more than we are used to paying;however, if you can afford it, this hotel will save you MUCH time and energy and aggravation because you can walk right out of it and into Times Square. 
The concierges are wonderful; there is a Star Bucks in the hotel, and you can buy show tickets right there as well. Most shows are within walking distance as well. 
Another good thing is that this hotel is located in mid-town so it is very central to most sites. We were on the 31st floor, and even though we could look out the window and see huge crowds in Times Square at any hour, there was absolutely no noise. Also, the staff on the 31st floor are very, very accomodating.
The subway is probably 6-8 blocks from the hotel, and, of course, it is the least expensive travel in the city.
If you need Internet, you will pay $16.95 per night unless you want to go to the business center on the 8th floor where you can use it for free. I believe it is open 24/7.
We snacked in the hotel, but really did not think it was worth eating there. You can get a cup of coffee for about 3 bucks in the snack/gift shop, but you will pay $4.26 in the restaurant area. Of course, you do have a coffee machine in your room. 
To figure out which elevator to take to which floor, you simply punch in the floor needed, and the machine will tell you which elevator to take. Once on the elevator,there are no buttons to push because the elevator already knows which floor you need.
If you get tired of straight ethnic food, you can simply walk across the street to Junior's where you will find a large (very large by NY standards) restaurant that serves great food.