I agree, the place is well worth free night certificates but not $700 a night, not even in New York City. I'm currently in NYC and went for a drink at the bar, I really feel this hotel has an impersonal element to it, perhaps it's the design... it just does not feel like New York to me and I've been saying in NYC hotels since I was 15.
In this neighborhood I prefer going to the Mandarin Oriental, the lobby lounge has an amazing view.
Easily well worth the 2 free nights. I'm not sure I'd spend $700+/night for the room, but I feel I received excellent value for the Chase certs.