I was really happy with my 3 night stay at the Iroquois. It's not very big and kind of feels like you're staying in an apartment building. The room was cozy (read: small) but had everything I needed and more, like a DVD player, thick bath robes, and an ipod Dock. Free wifi too.
The location is great - you can walk to Times Square, Central Park, etc. It's also very close to Grand Central Station.
I really think this is value for money if you want to stay in Manhattan. I also appreciated the free coffee in the lobby every morning.