Good Location in the Times Square Storm
My wife and I stayed here in June of 2012. We had tickets to see a show and were only in town for two days; we wanted to stay near to the theater and enjoy the Midtown area. They have recently remodeled the lobby and lounge areas and did a great job. The decor is sleek and hip, maybe a little too hip for our tastes. 
The R Lounge, looking over Times Square, seemed like a great place to sit for a drink or two prior to an evening on the town. We asked for a table for two in a lounge that was only a third full and found ourselves placed in the center of the room (away from the windows/views) and at a table right next to a larger, and louder, party. The techno music thumping in the lounge added to the stress levels until my wife and I made eye contact and both stood up and left. We are not old folks, we enjoy a party and dancing as much as most folks, but I find this strange trend toward thumping computer beats very annoying (I have stopped shopping at some clothing stores because of this same issue). I'm not bad-mouthing it, just letting the reader know what to expect and how we felt about it. Some folks, like the louder hipsters next to us, seem to enjoy it. 
The hotel itself is in a great location for tourists (first time NYC tourists). We have been to NYC before and quickly discovered that perhaps the Renaissance was not in the ideal location for us. We spent time in Chinatown, Chelsea, and Hell's Kitchen for the food and sights and found ourselves a bit sad to have to return to the throngs of tourists in order to get back to the hotel. 
The rooms were very large for NYC, the housekeeping was fantastic. The desk clerks and folks working downstairs were very friendly and made great recommendations for food in the area. Not a bad place, it was a good two day trip, but I believe next time we'll pick something a little further from the crowds.