Pseudo-hip, but great location
If your business or pleasure will be centered around Times Square, and you prefer a smaller, more boutique sort of place, this is the best around the area. You're half a block from the theaters, tourist traps, overpriced restaurants-----but it's fun to walk to a show! Don't think for a moment that dining around there is going to be special! For that, get downtown! But for a reasonable tarrif, clean modern rooms (albeit almost no closets), I recommend it. 
I'd give it 3 1/2 stars actually.