Just Close Enough to the Bustle... But Not Too Close
When we booked our 4-night stay at the Westin Times Square, I thought we'd end up in the middle of Times Square, which was exciting. So I was slightly disappointed when, on arriving there, I saw we were a block from the hustle and bustle of that area. My disappointment disappeared about a day in when the madness of the tourists flooding Times Square started to get to me. :) I was glad for the escape from the tourist trap! 
The Westin is very well-situated (with a Starbucks directly across the street, if you're working from NYC like I was). I couldn't be happier with the location. 
The concierge was very helpful when my husband and I asked about good restaurants to eat at, not just TGI Fridays; she recommended a place on "Restaurant Row" and then called ahead for reservations --- and the restaurant she recommended was fantastic! 
The lounge on the second floor is rather quiet at night, so we had a late-night drink twice there and people-watched the crowds passing by below. The service was pleasant. 
The only trouble we experienced was with the wi-fi connection and with getting reception on our cell phones. We had to move rooms the first night there because the wi-fi was so poor and we both needed to get work done. But they moved us without question, and the next room had much better connectivity. As for the cell phone reception, I couldn't text/SMS to save my life, but I imagine that has more to do with NYC and/or my carrier than it does with the Westin. 
Recommended for business and for couple's getaways.