Stayed here last week and can't speak highly enough of teh place.
Got a great deal via Hotwire (<$200) which really helped.
That said, the entrance hall under a glass ceiling with water tumbling onto it was very cool, the lobby on the 7th floor was very hip, with a great bar (expensive, but very generous pours), free wifi, a great shop and heaps of attentive and very helpful staff.
We stayed on the 24th floor, and the room was great - only possible downside was that you could hear the bustle of the street and honking horns below, but that is one of the joys of Times Sq!
Times square had a little too much bustle for me and next time I would probably look to stay further south, perhaps in the meat market, but in truth this was one of the best hotels I have stayed in for the money and location - thoroughly recommended
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