Some might say Oxford Circus, but it's not quite varied enough.
I never really worked out what 'Time Square' was for - Its not really a square, more a stretch of road. Maybe Piccadilly circus is the closest comparison.
The most likely location is Piccadilly Circus but it's not Times Square by a long shot.
https://www.youtube.com/results?search_q...
When you get fed up, you can view Times Square via this link live including audio - just wish someone in NYC would shout something or maybe form a flash mob and all shout together - might be interesting.
http://www.earthcam.com/usa/newyork/time...
London UK
There isn't one really - either Piccadilly Circus for the neon signage or Trafalgar Square for the New Years Eve gatherings.
Piccadilly Circus
Leicester Square via Coventry Street
Trafalgar Square, Piccadilly Circus, or Oxford Circus
Leicester Square...
Certainly not Trafalgar Square.
The only place comparable for gaudiness and tourists pointlessly wandering about and getting in the way would be Piccadilly Circus.
Trafalgar Sq