Great hotel - satisfied on all counts
My husband and I spent 2 months searching for a place to stay in NYC for a week-long trip in Oct 2012. We finally settled on Sheraton because 1. it was close to central park which was a priority for us and 2. it was a Sheraton property which gave us some reassurance in the quality of the hotel. 
We were not disappointed on either counts. The location is spectacular Central Park and Columbus circle are minutes away and really made us feel like we were staying in the center of Manhattan without the horrible rush at Times Square (even though that is walking distance as well). Service was as best as they can do for such a large hotel. No complaints at all about anything. The only con is that it lacks a personal touch but that is expected in this kind of set up. We had a deluxe room and were happy with the size but I imagine a normal sized room may have been a bit cramped. Still that's the norm with NYC hotel rooms. 
Concierge was helpful and room service was quick so over all good experience. Slept well in the rooms. We had read about long check in lines, noisy floors and bad maintenance but experienced none of that! In fact the hotel has been recently renovated and looks lovely.