Not the best apartments as far as finishes and quality of workmanship are concerned (IMO). The views from some of the units are nice (#503 is my favorite), but that's about it. Don't go rushing in to buy those penthouse units at a premium either. Get the same thing (again IMO) by buying into the 5th floor.
You're right, location is not phenomenal, but it's not bad either and if you're up in the building, you'll hardly notice.
Chris has a great answer. I would add that it is not the best part of Cow Hollow because of Van Ness traffic and if noise would be a bother to you.
The real key is how much can you spend? How many bedrooms & baths do you want for that amount? Are you looking for new construction or would you look at Edwardians, Georgians, Victorians, etc. as well? What amenities are important to you? (And I would include views, shops, restaurants, public transportation and things along those lines as amenities.)
Once you have answered those questions, then you can answer whether 1501 Greenwich is a good value for you.