Average hotel in fantastic location
Location wise this hotel cannot be faulted. The Wellington is smack bang between Central Park and Times Square (The park being slightly closer). A few minutes walk takes you to many restaurants, shops and there is a subway station outside the door to the hotel too, very very convenient.
The location is clearly what you pay for as the room in the hotel was average at most. Perfectly fine, but not particularly spacious or up to date. Bathroom was tiny but very clean and shower was pretty good. Comfortable bed and TV with selection of channels. We were on the 16th floor so no traffic noise (but see below for other problem).
The bell hops and ladies on reception were excellent, very knowledgable and helpful and not constantly hanging about for tips either!
Now for the negatives. The view from the window was of a brick wall and the air conditioning was so loud that there was no way we could use it whilst in the room. Also, outside our window were lots of other airconditioner units which mean there was constant noise in our room. Also on 2 days there was drilling for several hours while we were trying to relax before going out for the evening.
This whole hotel could do with a complete makeover (maybe thats what the drilling was?) but it was excellent location wise as we could walk to many attractions or take a quick subway ride. The restaurants downstairs were both very pricey so we didnt eat there but from what we saw they were quite full so I assume the food was worth the money? 
I would recommend taking a travel kettle and mugs if you want tea or coffee as there were no facilities in the room, we did this and just popped out for milk at the deli accross the road (but think this is possibly standard for american hotels).