So, where were we? Right, Times Square... You clowns make such a big deal about it, but Times Square is really just a tiny part of Midtown. It's not even square, it's actually triangular! :) Seriously, it's just an intersection at Seventh Avenue and Broadway that extends from 42nd St - 47th St on the West side of Midtown. Now, take into consideration that Midtown runs from 31st St all the way up to 59th St. between Third and Ninth Ave.! And that's just Midtown! You've still got Uptown and Downtown to contend with.
So, is there any other message here, other than just not wasting time in Times Square? Yeah, save yourself some bank and avoid staying in a hotel within those boundaries. There's plenty of real estate throughout Midtown. You'll still be centrally located and just footsteps away from Angry Elmo and the Naked Cowboy.