The positives: Cheesecake Factory has an enormous menu with lots of delicious options, so everyone in your party will be satisfied. The salads, sandwiches, and pastas are all great (I usually order Evelyn's Favorite Pasta). The portions are gigantic, so although the prices are a little high, it's really like two meals in one since you usually take half to go. Of course, the specialty cheesecakes are unbelievable - you can't find stuff like this anywhere else. The rooftop view is amazing, and there are heat lamps for when it's cold. Also, it is in a central location for anyone in the Union Square area. The negatives: there is an insanely long wait (HOURS), it is always crowded, and there are no reservations. But if you are in the area, go and grab a beeper at least 45 minutes before you want to eat and continue your shopping ... by the time you're done, your table will be ready.
Pros: food, desserts, selection, location
Cons: long wait, price