shadow: I stayed there a few years back. It's not too bad, your basic Sheraton. If I remember correctly, your choices in the neighborhood are the Sheraton and a Hilton, probably comparable. It's about 15-20 minutes south of EWR. There's a train stattion nearby that takes you into Penn Station in about an hour.
If you like Indian food, which I do, don't miss "Indian Street" - a two-three block chock full of Indian restaurants and stores. I had dinner at a wonderful South Indian place called Udupi. I forget the name of the street; they should be able to tell you at the hotel. It's about a 5-10 minute drive from the Sheraton.
Hope this helps!