Lord & Taylor is a great place to shop (at least for women's clothing & make-up). They have done a nice job reconfiguring their layout and bringing in some new designer lines. I think that their sales (and weekly coupons) offer some of the best deals in the city. There isn't an air of exclusivity here as at some other 5th Avenue retailers, yet you don't feel like you are sorting through heaps of clothing with all of humanity at some of the lower end department stores.
All in all, shopping at L&T is a positive experience. I recommend it!