First time I stayed here was probably 10 years ago, and that was an easy 4 or 5 star stay. The rooms are large by NYC standards and location is hard to beat. Easy access to direct trains to either side of central park and the village.
The staff is great and the hotel was clean, but it is aging. My wife didn't really notice until I pointed things out, and they didn't bother me, but if you are looking for a hotel that is in top notch condition, this isn't the place.
That said, it is a great value, and if I want to stay in Time's Square again in the next couple of years I will look here first.