I would say it is both good and overhyped It isn't my *absolute* favorite of the places that serve that kind of pizza (NY coal oven -- wait service, no slices), but it is definitely one of the very, very good ones. It moved up the block a few months ago and so sadly it probably lost some of its old feel (though I think the former location opened in the 80s or 90s so it isn't like it went that far back). I think what is most special about it is the whole experience of walking across the bridge, waiting in line (warning: you will wait in a LONG line outside) and then having very yummy pizza. If you don't end up walking across the bridge because of the weather, I'd go to John's (the Bleecker Street location -- not Times Square) for the same style of pizza also in a very iconic location (and in a kind of an ideal area for walking around and looking at stuff).
Thanks for posting this. I don't get into Manhattan that much anymore and I need to better maximize my time while I'm there. Unfortunately I live in a culinary wasteland.