I used one last week at the Four Points Chelsea. It was booked in September, when I discovered all the "good" starwood properties were going for $460+ a night, and I was able to get this hotel for a couple weekend nights at $155 after the 50% discount. It was only a pitstop in NYC to see a show we had tickets for, coming back from Europe, so we went for it.
I really can't recommend the hotel though. It's got inadequate elevator service, tiny rooms, that bathroom thing where you have no place to set any toiletries without risking them falling on the floor or into the toilet, and crummy noise insulation because although the walls between rooms and the exterior windows are just great, the room doors themselves allow in every decibel from the halls.