The lobby is like Grand Central and the wi-fi is expensive
I'm sure the lobby is like this is because of the current renovation. Normally, I believe this hotel is supposed to have two working entrances, but it will probably always be busy. I guess that goes with the location.
Biased opinion here, I don't think the 42nd street area is the best place to stay for a long trip, it gives the traveler a skewed perception of what New York is like and why stay in the area when it's accessible by public transportation at every turn in only a few minutes.
This hotel is also noisy, other guests can be heard easily in their rooms and hallway. 
The main detractor against this spot is that access to the wi-fi cost around 15usd for the day. That's just wrong in this day when free wifi is so accessible, especially in a place like NYC. Pay attention to the other reviews about lack of amenities, not a concern for me when I stayed here, but i didn't notice a fridge.
I love the room and floor designs, it plays up that skewed 42nd street atmosphere and I think it works. It's one of the better hotel designs I've seen. Please don't change the bathrooms, a good ole tub is welcome sight. The elevators will also get you to your room quickly.
I think after renovation and freeing up the wi-fi this location will be one of the better spots in NYC. Would have been a 4 star review now if not for the wi-fi which should not be 1/10 of the value of a nights stay.