As the title indicates, the biggest selling point is its location on the Boardwalk right in the middle of all of the "action" (sorry, Ocean City is a "dry" town).
Pros: parking is included in the room cost, as is a number of beach tags (this practice may be unique to NJ - you have to pay for access to the beach in most locations). You are steps from the shops, rides and restaurants and of course the beach itself. The rooms are reasonably sized and the "ocean-front Kings" have a separate bedroom with king bed, TV, large closets. Rooms have a small kitchenette with a table that seats 6 (or more if you are friendly), with a queen sleeper sofa and chair that folds out into a kid-sized bed. On-premises coffee shop and restaurant. Outdoor pool.
Cons: Rooms are not cheap during the season. Lots of competition for the elevators especially on weekends when guests are checking in and out. The hotel is also a popular venue for weddings, reunions and similar parties, so can get a little noisy on Friday and Saturday nights. The seating area for the pool can fill up quickly - many guests "claim" a chairlounge with a towel and then depart for a few hours.
Bottom line - if you place a premium on convenience, this is the place to stay in OC. If you don't mind walking a few blocks (laden with beach gear, or with a cranky child after a long day at the beach or night on the rides), you can get a lot more for your money.