Location, location, location
We stayed here for two nights in mid-June 2012. The two main selling points of this hotel are 1.) Excellent location; close to Columbus Circle, Central Park, Lincoln Center, the Theater District, and the Subway (59th St./Columbus Cir.) And 2.) The rooftop pool in summer months. My kids loved the pool much that it was hard to get them away from it to go and do other things. 
Parking is conveniently located on premises at reduced rate for guests. The front desk staff was polite, helpful and welcoming. Our room was clean and quite spacious by NYC standards. It faced the interior courtyard - not much of a view unless you like a wall of other windows. It was quiet, with room darkening shades. The hotel does have a well worn, dated look but they advertise renovations to start soon. There were a couple of spots in common areas that reeked of cigarette smoke. 
Holiday Inn Midtown is not a posh, elegant hotel but it is a reasonably priced, convenient and serviceable one. All things considered, for a family visit with children, I would stay here again.