My wife and I stayed in The Royalton for our honeymoon, and I can't say enough great things about the place. The location is fantastic - Times Square is literally minutes away, you couldn't be more central!
The room was amazing - lovely decor, very modern yet comfortable. The staff were all outstanding - everyone I dealt with in the hotel was an absolute pleasure, and they couldn't do enough for you.The lobby is stunning - I was blown away when I walked in, I've never seen anything like it! It looks like the hideaway of a James Bond Villain :)
I can't recommend it enough. As for cons - very little. The bar & restaurant are a little pricey, but not outrageous for such a classy place. The food was great though.
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