Beautiful lobby but...
I stayed at the Biltmore for one night a few days ago. The lobby is stunning and the check-in and room service staff were great.
The property itself is a different story. The carpeting in the hallways is run down and even tattered in a few places. Every 10 feet or so it is held together by tape. 
 I was given what was described as a large room with one of the best views. It was a good size room with plenty of windows overlooking Pershing Square. Problem was the windows are single paned and there are plenty of sirened vehicles driving around the area all night. The room was refurbished, but clearly with cost cutting in mind. The headboard was too small for the bed, the mattress itself was lumpy, the toilet was a standard mall bathroom type of toilet and the shower curtain was toooooo short for the tub. As a result of the too short curtain I flooded the bathroom. 
Bathroom amenities could have been better. It takes forever to dry hair using the 1250 watt wall dryer (I personally hate those things). Shampoo, conditioner and soap is all you get. No Qtips, lotion, etc. I've got to say that it was nice to have a coffee maker in the room. The coffee used was even good.
If you get a good deal on the room, its worth a stay. However, if you pay over $300 for the night like I did, I would recommend going elsewhere.