Matthew's Journal

Quickest (but not cheapest) way from EWR to NYC is via the train that goes from the airport to NY Penn Station. Takes about half an hour each way and will cost $25 round trip.
http://www.njtransit.com/sf/sf_servlet.srv?hdnPageAction=TrainTo

Given that you'll need to deplane and collect your luggage then find somewhere to stash it, get into town and out again, and check in, you may be pushing it a little.

Macy's is just round the corner on 34th St and Times Square is a few blocks up (10 minute walk), where there are more shrines to capitalism than you can shake a stick at. It really depends what you're interested in seeing and whether you want to have to negotiate the subway.

Central Park is quite a bit further uptown, as are the Met, MOMA and the Natural History Museum. You'd need more time to get to any of them and be able to look round. The NY Public Library is on the corner of 5th Avenue & 42 St.

I think that's a bit tight; I'd be too paranoid to risk it. Wikitravel says to allow 40 minutes "in normal traffic" for the bus to Manhattan from EWR - but stories abound of NY traffic being dreadful and stymieing people trying to do just that (my dad has one of them, OK from JFK but I don't see the traffic through Jersey City being any better). The AirTrain service might be slightly more plausible and less susceptible to delays? though you need to figure out when you have to be back at the airport by, and allow enough time to check in (if needed) and get through security.

spend the (hypothetical train fare) on a nice lounge with wireless? :)

The last time I was there (heading into the US) we had from 1pm-9pm to kill. We all headed into NY - the train takes about half an hour, but you need to add another half an hour to get to the station, get tickets, and wait for one to arrive. It cost about $25 return.

I went for a wander to Times Square and then up to Central Park, walking through the streets and a street market and then going to the erm art and design museum.

Alternatively, you can take the bus about 10 minutes away to the Jersey Gardens Mall (outlet shops, can't see it being your sort of thing), or a bus or train a bit further south to Elizabeth, NJ - it's kind of their Coventry, is only about 10 mins by train (but they aren't regular), I like it as it's a complete change from the airport (and it would amuse me lots to send you to the church I visited there ;) ) but there's not really much to look at.

This was fun to read. I have been to that airport many times for two to four hour layovers and always been afraid to leave, lol.