great to stay - if you can afford it!
Location is around the corner from Times Square. This means all shops are open until very late all around you (in case you ever wanted to shop at Toys R Us at 11pm), broadway shows are less than a 5 min walk, the bright lights are on till midnight and there is a lot of cheap food around. Negatives mean - there are always tourists around, you dont get the 'local new york' experience, and there is limited quality food. Subway is around the corner & its relatively easy to navigate.
Hotel facilities: 
The checkin does take some time, and a mistake was made on our checkin (room transfer was not properly organised). Security checks for room keys for all people entering the hotel after 10pm, limiting security risk, however there is no requirement to 'swipe up' in the lifts to get to the room. The front concierge was very helpful in terms of organising tickets etc, but limited assistance with local services needed (we needed a same-day tailor, ended up finding it through yelp instead).
Room types: 
We stayed in both a standard room and a premium deluxe room. The only real difference between the 2 rooms was the floor it was on - we moved up to the 35th floor, otherwise the room size is the same. If you are a very light sleeper, I'd recommend moving up floors, but otherwise the rooms have very good soundproofing. Given all the comments we'd read about hotel rooms in new york, the room was actually a comfortable size - comparable to other rooms we've stayed in outside of NYC. This was especially good given our room had a king sized bed in it. Huge windows also helped with the feeling of space. 
Bed was super comfortable, and room also contains a small seat, desk near the TV and small bathroom. there were good views at both lower and higher levels.
Bathroom supplies were limited - just a soap, shampoo and conditioner as standard. everything else (including shower caps, ear buds /q-tips, body wash) needed to be requested and was slow to be brought up. Only 2 small bath towels were provided, so again, additional towels needed to be requested. toilet was very noisy!
Breakfast restaurant was good, including fantastic italian-style coffee. Service was great, but it was relatively expensive. There is also a "grab and go" style breakfast in the upper bar. Given the quality of food around this area, I'd prefer to eat in than pay for a deep fried breakfast elsewhere in the area. The bar was quite busy each night as well, with a wide selection of drinks. 
A handy newsagency downstairs sold magazines, snacks etc that you could charge back to your room, however closed quite early so you're better off crossing the road to get to the Duane Reade shop that's open 24 hours for all your needs. 
Overall, would recommend this to other people, however the prices can be quite steep. If someone else is paying or you want a treat, then go for it, however if you're after a more 'local' experience, head further down town to save cash & get bigger rooms.