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I stayed at The Plaza last summer, but we had a conference rate ($200/night) and I only paid for a couple of nights out of my pocket. Great location, great lobby, mediocre room. Cost is totally unreasonable, but that is NY.
Before you go, just resign yourself to paying twice what you would pay for meals, drinks, etc any where else. In fact, unless you are a serious foodie, I would recommend eating as cheaply as possible: pizza, deli sandwiches, and the like. Chinatown is another reasonable option. If you try to find something "moderate" you are likely to end up spending $30 a plate for crappy food. There was lots to see and do, but the cost of everything just about ruined the trip for me.
Things I enjoyed most:
walking across the Brooklyn Bridge at dusk
Broadway play (get half-price tickets at the TKTS booth the day of the show)
Metropolitain museum of Art
riding the subway
planetarium
Have fun.
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