My 14-year old son and I enjoyed our stay at the property. The location was great. Very convenient subway access and we enjoyed exploring the neighborhood.
The space is as-advertised (meaning not very big). But we spent very little time at "home," so it was fine. We did prepare a couple of meals since the kitchen was adequate.
I told my son that this was like a full-on NYC immersion: small but totally sufficient apartment right in the middle of anything we needed.
Obviously, we enjoyed our stay (5 stars). I would mention, however, that the futon could have been cleaner. Edward (I think HomeAway has it spelled wrong) was out of town, but I am confident he would have addressed any issues we would have had (we had none).
In summary, this is a good value and a great place to stay if you want an NYC experience.