Brilliant location, average accommodation
My wife and I stayed in one room and my in-laws and sister-in-law shared another. For me, this was my sixth visit to New York (wife's 2nd) but it was the in-laws first time to this great city and, because my mother-in-law is not great on her feet, we chose a hotel for its location - and this is where the Paramount is excellent. With it only being 50 yards from Times Square it is in an ideal location for you to walk to most of the midtown attractions. However, the hotel itself was a bit of a let down. The staff were very helpful, even when there were issues with the rooms - and there were a few. In our room the a/c was not working - so much so that when we tried to get the overnight temperature down from 22 to 18, we woke in the middle of the night to find the setting at 29 degrees C!! The storage in our room (and we were in a so called deluxe room) was minimal and that is being polite. The issues in the other room ranged from too small beds (2 doubles promised) and a dreadful smell from the drains (resulting in a change of room and a free breakfast for the five of us - which we would not have considered otherwise because we felt it was very expensive for the buffet style it was). The issue of storage was more of an issue for them because they had less storage for 4 people than my wife and I had in a room for two. 
A plus for the hotel would be the free wifi offered in the lobby and the good access to the internet offered via 3 ipads and 2 computers.
All in all - if you are choosing a hotel and location is the number one priority then this could be the hotel for you. However, as I said at the start, this was my 6th time to New York and I would have to rank this 5th out of the 6 hotels I have stayed at in this wonderful city.