Given the choice I would always opt for the Waldorf. As some have said already, yes the Waldorf is an old lady in dire need of a facelift, which I understand is being planned now with the new Chinese Owners, but it is a grand hotel in the traditional sense, the lobby and public areas are magnificent, the Waldorf Towers is very nice and intimate with its private entrance, etc. With your Diamond Status you will undoubtedly be recognized, so I would opt for the Waldorf. As for the Hilton, the location is its strong point especially as you are with your child, much more to see and do in walking distance, but the Waldorf is also not far from the great sights and fun Manhattan has to offer, so for me, I would go for the Waldorf.
Sorry, one final note, if your rate is not inclusive of breakfast, and you are not given access to the Towers Lounge (only continental breakfast and very small and crowded), the price for full breakfast at the Waldorf is quite steep, as are all prices compared to say the Hilton or the Doubletree directly behind the Waldorf. There are plenty of great eateries right outside the Waldorf, especially behind her off Park Avenue to avoid getting gauged by their Breakfast pricing.
Thanks very much for your advice. Agree about breakfast. One of the great things about NYC is the choices for breakfast so not worried about what the hotel has to offer.
