I stayed at the Sheraton Times Square recently for a conference, and it really is a nice hotel for that sort of event. The hotel and rooms appear to have been recently updated and it's nicely appointed throughout.
I don't have any complaints about the Sheraton. If you're a Starwood Gold or Platinum member you'll get express service at check-in, which was nice. It looked like the folks in the other lines had quite a wait to get a room, however.
The location is good. Obviously if you're looking to participate in the more touristy aspects of NYC you're in the right place. I was able to quickly jog to Central Park in the mornings, which was very nice. There are also subway stops that are extremely convenient to the hotel, so getting around was simple. The hotel is also right between two locations of The Halal Guys... so if you go and don't try their street meat you're missing out on a great dining experience!More