Spent four evenings (W-R-F-S) at The Plaza over Thanksgiving and was very disappointed. Service was average at best. Although, I was told that since 9-11, there has been a "considerable reduction in staff". That may have had something to do with the poor service.
The Plaza is a beautiful hotel. I, however, found it dark and aging. The door to our room's bathroom literally rotted off of the hinges!
Location is great. Across the street from Central Park, F. A. O. Shwarz, and a small CBS studio where Saturday, Sunday, and NFL broadcasts take place. Many outside broadcasts during our stay. Had the opportunity to meet the CBS NFL crew and ran into Yoko Ono in Central Park.
If you have the points, it is worth at least one stay. Be prepared. . . everyone has there hand out for a tip. If I had it to do again I would stay at a different hotel.