Location only with zero extras
The Milford Plaza is a historic hotel and has always been known for its great location; it is literally right next door to Shubert Alley and most of the Broadway theaters, and Times Square and Restaurant Row are a five-minute walk away. It is in a safe area right in the middle of everything with convenient subway access. Unfortunately, the property had become run down and is in the process of a much-needed facelift. As a result, room rates are a bargain compared to many area hotels, and I gave the property a try over a long weekend in mid-September. 
If you strictly want a prime location with no amenities, The Milford might be a good choice for you. I myself like and have come to rely on some of the basic amenities most hotels offer, and found the lack of extras at the Milford a hassle. Milford's management has eliminated extras that they feel guests don't necessarily want, for example, like coffeemakers in the rooms. They will tell you that there is a Starbuck's a block down the street and there is, but there was always at least a twenty-minute line there and you have to leave the room and the hotel and walk there to get it. Thus, I would recommend reading up on the property carefully and deciding what's important and cost-effective for you. Here are some pros, cons and warnings from my experience:
Pros
• My room was immaculately clean, and the maids whom I encountered were very helpful and friendly.
• Room size - some reviewers have complained about the small size, but I found them to be as big or bigger than many more expensive hotels in the area. It's NYC people, unless you have a suite at the Plaza, your room will be small. My room had a desk, which you don't always get. 
• Elevators are small in size but fast. At the Milford, you type in your room number and are prompted as to which elevator you get into, no waiting while it stops at every floor. Most of the time I went directly up or down to my room with no waits. 
• Blackout shades really do block out most of the light from the Times Square area up the street.
• Beds were super comfortable.
Cons
• Major noise and mess due to the renovation in the lobby. I was woken up by noise from the remodeling almost every day of my stay, and needless to say, the hotels' ambience was neither relaxing or visually appealing.
• Staff -The attitude of the reception and bell staff is resigned indifference. With just a few exceptions, I felt like I was treated as a hindrance, not a guest. One of the managers, Christine, was great when I had a problem with phone charges. She was pleasant, addressed my concern on the spot, and was an outstanding representative of this property. You'd expect that everyone directly working with guests would be like her, but that wasn't the case. I kept getting met with indifference and thought that the people were just having a bad day, then on other occasions I'd interact with the same staff and got the same attitude. I noticed that hardly any of the staff smiled, and during my whole stay, none of them initiated any contact with guests, like wishing somebody a good day. Most of the staff acted as if I annoyed them if I asked for anything.
• Door personnel were brusque and rude. I had arranged for a car to pick me up for a return trip to the airport. I was waiting outside and watching for the driver and had asked the doorman to please flag him down when he came so that I could get in right away. Instead, the driver was directed across the block by the doorman and I almost missed my flight. The driver told me that he and others who work for his company have had similar problems in the past with this hotel.
• The halls and rooms are supposed to be renovated, but lighting in the halls are dingy and the whole area is dark, except for full-color murals of NYC street scenes in various places. I understand they're going for an urban look, but I was on the tenth floor, and the mural by the elevators is of a storefront with stacks of old books and magazines by the curb in front of it. I can see the same sight by the dumpsters down the street, and I didn't find it particularly pleasant to look at every day. Even though the hall carpet is supposed to be new, there was numerous stains, including a huge splatter of something right in front of my room door. Rooms have exposed beams and felt like being in a dorm.
Check-in was a hassle. You have to drag your luggage up a flight of stairs as it is not on ground level. Once there, there are seven kiosks, but I never saw more than two of them staffed at a time, and I was there on a weekend. There was always a line, and nobody in it seemed very pleased. The downstairs area with luggage check-in was crowded and noisy all the time. It felt like standing around in a bus terminal or the DMV. I had a problem with my plastic key card and had to get it changed four times in three days. Each time was another 20-30 minute wait in the line at the desk.
• There are no refrigerators in the rooms. You can get one, but you must request it. 
• There are no coffeemakers in the rooms. I didn't see any available for guests in the lobby either. 
• There is no restaurant or bar for meeting people within the hotel.
• No free internet in the rooms. There is a kiosk with several printers in the noisy and crowded checkout area. You can print out boarding passes and flight itineraries for free, but you pay by the minute for additional web-surfing. There were usually people lined up to use them, so don't wait until the last minute if you need to print out flight information.
• Rooms have no luggage racks. This seems like a small detail but there are very few places to put your suitcases if you don't want to leave them right on the floor. 
• Beware phone charges. There is no charge for an incoming call, but you will be charged $1.25 for each outgoing call, even local ones. If you don't have a cell phone, this adds up very fast. 
During my stay, on a daily basis I heard people in the elevators, lobby or halls saying that they would never stay at this hotel again. To be fair, I can only speak from my own experiences. 
Overall, if you are a traveler who strictly uses your hotel room as a place to sleep and is only interested in a clean room in a safe and convenient location, the Milford could be for you. If you like the convenience of free internet in your room, a place to get a meal without leaving the property, and other amenities I mentioned, there are comparable hotels in the area where you can get them at about the same room rate as the Milford. I was bothered by the noise, the mess and chaos of the construction, and the attitude of the staff and will be choosing elsewhere the next time I'm in NYC.