Great location and service.
We stayed here August 2012 and has a great time. The room was a little small, but that is to be expected in an older city hotel in NYC.
The room was clean and tidy, but the lack of in room safe was a hassle. They do have safe deposit boxes in reception though.
The location is excellent. We were travelling via Amtrak, so being almost opposite Penn Station was superb for us. It also made subway travel very easy. 42st street / Times Square is within easy walking distance, as are most other things.
The Tick Tock diner onsite is worth a visit - if you want a healthy breakfast ask for the oatmeal with banana and strawberries - a very filling and healthy meal!