Stayed here over the weekend @ $120 my elite rate, hard to beat the price.
The room was very compact like others have said, probably had a 5/6 foot radius max around the bed to the desk and walls. But still had an upscale feel to it. Lack of a proper closet may be an annoyance for some.
Bathroom was nice, but compact also. It at least had coBigelow toiletries.
Was told upon check-in that breakfast as a Diamond was "whatever you get we'll take care of it, or you can order it via room service." I ate in the restaurant, and nothing showed up on my bill but the tip.
The staff at the property was great, I just wasn't a fan of the room sizes, and lack of larger sized rooms for diamonds.
I would say as a diamond, if the 48Lex or one of the Andaz's are within $50 or so I'd go for one of those properties. But given what $150/200 can get you elsewhere in Manhattan, this is still preferable to something like a FourPoints type property.