I've had both very bad and very good experiences with the Sheraton Towers. My latest one was average, checked in two nights ago for one night (mattress run time for double stays), got regular room on the 49th floor (2 phones, 1 bathroom ), lounge food is indeed spectacular but other than that nothing of the ordinary. Keeping in mind this is low season for NYC, i thought that was a bit off. In the middle of my mattress runs since the beginning of the year I stayed at the W Times Square, Westin Time Square, Sheraton Manhattan, Sheraton Towers and Four Points Chelsea. Here's my ranking based on my experience...

1. Westin Times Square
Got upgraded to corner suite in the Executive Wing, nice gym, breakfast and hors d'oerves in the evening, overall the nicest atmosphere

2. W Times Square
Got upgraded to corner room overlooking Times Square (view from the 45th floor is unbelievable), no lounge, decent gym

3. Sheraton Manhattan
Got upgraded to the biggest suite i've ever been upgraded too, easily 800sq ft, not the most modern thing, but again huge corner suite. Didn't have a chance to check out the lounge if they have one. Pool is under renovation.

4-tie. Sheraton NY Towers
I had two stays there, one was a upgrade to a small suite, the other, as i mentioned at the beginning was not an upgrade. But the food in the lounge and the huge gym counts for something, after all i'm in my 20's, need to run around a bit.

4-tie. Four Points Chelsea
This used to be my favourite pre-plat, but once you get to plat, the free internet does not make up for the cigarette smell in non-smoking rooms (which i got now for two stays in a row). I also like the area, a little quieter than Times Sq. Oh, and no free anything, and no upgrades here. Ever. Anyone ever got an upgrade at this hotel ?