Fun, but . . .
I understand why people are so taken with Times Square and all its brilliantly lit hustle and bustle, but as a New Yorker I know there's so much more to the city than Times Square--and in fact there's more to Times Square than many visitors even see. So many of the shops and restaurants along Broadway/7th ave. are completely overpriced and not all that great, especially respective to the fact that New York is one of the shopping and restaurant capitals of the world. My advice is to go to Times Square and take in all the sights & sounds, but bypass the obvious options in search of something more authenticly New York--I've personally never understood why people would travel to the city only to eat at an Olive Garden or Red Lobster (and one with higher prices than you'd experience in suburban areas, no less).
For example, if you wander up to 9th avenue, you'll find it lined with more Thai restaurants than you've probably even seen in one stretch before, or if you head to West 45th, you'll find Angus McIndoe--the restaurant/bar where the Broadway crowd (as in the people who are actually in the shows) convene for post-theater drinks & dinner--unassumingly tucked between more recognizable sights. If you're dead-set on sticking to the bigger, more well-known restaurants then head to Chevy's on 42nd & 8th . . . it's still overpriced and somewhat generic, but the food has always been fresh & decnt every time I've been, which is much more than I can say for my experience after having been dragged against my will by friends-of-friends to the Olive Garden or the neighboring Applebee's (which was somehow even more dreadful than I expected--something I would not have thought possible, considering how low my expectations were to begin with).
All in all, I'm not saying you should avoid Times Square completely, but if you do some research you'll experience a truer version of New York! And remember--there's a whole city out there to explore! For people who live here, Times Square is about as far away from day-to-day life as you can get.