Excellent location and service
I stayed at the Westin Times Square while on a week vacation in NYC in August 2012. My experience and recommendation can be described by the below:
Location
The hotel is definitely at one of the best locations you can stay at in NYC. Located in the heart of midtown it is exactly at times square with all major attractions and entertainment facilities located in a radius of 2 to 3 blocks: 5th avenue for example is only 3 blocks away while avenue of the Americas is 2 blocks down. 
As soon as you step out of the main entrance, you are on 8th avenue, 43rd street just seconds away form a variety of restaurants and bistros from all around the world. (Shake Shack is just in front....just cross the road).
Furthermore, the hotel is at really close distance from all artistic attractions of Broadway. the Minksof theater where Lion King is playing is just two blocks ahead and all other theaters at a walking distance. The Intrepid museum is on 12th avenue accessible on foot or 5 minutes by cab including the NYC traffic.
The hotel really has one of the best locations to be in while "touristing" in NYC.
Hotel and rooms
The building is really nice both on the outside and on the inside. Main entrance on 8th avenue is lavish and holds the security and baggage claim desks. A large escalator takes you all the way up to a grand front desk and concierge services as well as a really cozy and elegant seating area. The experience starts really well at the hotel the minute you step inside the lobby.
The hotel also has another entrance from 42nd street which is equally nice.
Rooms are quite large and very well decorated. I was in a two double bed that was very spacious and really comfortable. It was on the 24th floor boasting a great view on the Hudson river and the surrounding area. The bathroom is neatly decorated and equipped with all services you would expect.
The only drawback is that on some floors the halls are a little complex and intertwine with one another. Halls are all greyish so some light or colors might make things look way better. But it is not a note that will push you away from the hotel, it is just a small note I picked up while there.
Service
Service at the Westin can't be described by nothing other than just perfect. You are greeted with a beautiful smile that makes you feel welcome every single step of the way. I would like to extend the best compliments to "Sarah" at front desk who was just wonderful in making the check in process one of a kind knowing that my room was not available at time of check in. She was really great in the way she reassured me and greeted me at the premises. I truly recommend that you ask for her if you check in at the Westin.
As for room service and house keeping, they are also very nice. I have been provided with all my requests and more by really great personnel who never refrained from being there whenever they were needed.
Security and bell boys are extremely helpful, they were great in helping me with directions and booking of cars and taxis. 
Service at the Westin is one of the best I have ever experienced in a high end hotel 
Prices
Well to be honest it is not a cheap hotel. I ended up paying USD 370 a night and that was a discounted rate. But I think it is a perfectly explained price for such a hotel, location and time of the year (high season). It is really worth every penny.
I strongly recommend the Westin times Square for your next stay in NYC.