Nobody's mentioned that aside from easy ferry service into Manhattan, this hotel is a breeze by light rail (or even a 15 - 20 min walk) to Hoboken - which is a fantastic town with great nightlife and amazing restaurants. The light rail also runs all the way down to the Hoboken PATH station for pretty simple connections to downtown, midtown, Jersey City, and Newark.
It's a very good location. Also immediately next to the hotel is a Chart House, a Ruth's Chris, and a small mall.