Even the very best hotel restaurants are different than the very best restaurants, they must serve three meals daily and cater to their hotel guests. Fives does the job; breakfast is superb, elegant, tasty and well-served in comfortable surroundings. Lunch is also excellent. The host/hostess at the top of the stairs is professional and attentive, as is the serving staff.
Dinner is a little dull, but fine for a quiet dinner, especially if it is cold or rainy outside and you cannot get the reservation you want. Most NY visitors at the Peninsula go out for dinner, because they usually have breakfast at Fives, perhaps lunch, and they want to see the latest and best of NY restaurants.
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