We just spent four nights here, and the location was the best thing about it! We caught the subway from the airport which landed us just a block away. Certainly saved on the $60 cab fare and potentially long bus transfers into the city.
You are right on the doorstep of Times Square but not quite in the middle which is a good thing. The restaurants around the are brilliant, you are right on the verge of Hell's Kitchen.
The room was large and the staff were friendly. Just used the hotel as a base really.