Best value and location in Times Square
The location can't be beat -- 3 subway lines within a block, close to theaters, up the block from TKTS and some great Irish pubs. The hotel is old, but clean and well maintained with small bathrooms, comfortable beds and very decent prices. I always feel safe when I'm at the Edison and can only conclude that it must be a great place to work since some of the staff have been there since my first visit in 1999. 
The deli (next door to the hotel) is getting better every year -- a good spot for a quick, but cooked to order, breakfast before heading out to see the rest of the city. If you are looking for luxury this isn't your place, but if you want a comfortable, safe place to stay with easy access to everything the city has to offer, at a reasonable price, the Edison is perfect.