This is better than happy hour. Call some friends, get your walking sandals on, and head over after work! The list of participating restaurants is here http://www.timessquarenyc.org/about_us/events_taste.html.
Unlike the former, you don't need to buy tickets beforehand for Taste of Times Square, although you do have to buy packages of tickets for individual food and drink tastings. Or just stroll along and feast on the delicious smells for free.