Although we stayed 5 nights at the Palazzo Sasso (and loved it), the Caruso is at least on par with them, and right next door. You'll love the views.
We rented a car, and enjoyed the flexibility that goes along with that. It took a little while to adapt to Italian mountain and town driving, but we learned to enjoy that too. It was VERY easy to navigate around, the signage is much better here than, say, Florence or Rome.
Walking at a leisurely pace around Ravello, and eating there, was our favorite experience during our recently completed 25th anniversary trip. We had our two children (23 & 18) join us for the Rome and Ravello portion, and they also thoroughly enjoyed both places, even the more relaxed Ravello experience.
When in Ravello, I believe the must experiences are (at least):
Cumpa Cosimo - a wonderful family run restaurant just a few hundred feet from the duomo. We returned several nights, just to experience Momma and her family's classic Italian restaurant - you'll find it raved about on many web-sites, including Frommers and Fodors - NOT because of a 5-star dining experience. Rather, you get a wonderfully rich serving of "Italian comfort food" accompanied by the most gregarious and accommodating hostess we've ever encountered - Momma!
Villa Cimbrone - it should still be very green (the gardens) during your visit
The various churches & monastery in the area.
An open-air concert - I'm not sure they will still be outside during your visit - if so, GO!
You've chosen a wonderful area to spend at least part of you 25th anniversary vacation. Congratulations on the 25 years and for making such a great choice. We're envious (and plan to go back in another year or two).
Dave in Indy