I stayed from 29 Nov to 06 Dec 2007 in a 1 BR condo on the 3rd floor. The view was beautiful & relaxing from the large balcony.
The condo was nicely decorated & had tile floors, internet access & a nice kitchen & TV's in the LR & BR. There is also a stacked W/D so you can do all your laundry as needed. Bring your own shampoo/hair products as the provided stuff is not so great.

The property is about a 40-45 minute drive from the airport, & is located in a nice, quiet area of the island, away from all the tourist hype & cruise ship visitors on 7 Mile Beach on the west end. Its location is wonderful. Driving on the LEFT side of the road was fun/sort of scary (in the dark on the first night there....)
The best restaurant nearby is the Lighthouse, about a 15 minute drive. The Wed night BBQ food on-site at the condos was just so-so.

If you are a diver, this place will spoil you. When you check in, they give you a large milk crate to put all your gear in. They take it & then set everything up for you on the boat, so basically all you have to do is walk from your condo to the boat at departure time, step onto the boat & put your wetsuit on. The divemasters are all great & draw a map of each site & brief you on the area before each dive. Most dives seem to take about 15 minutes' boat ride to get to...so you don't spend excessive amounts of time on the boat travelling. And, if you're a new diver like me, they pay close attention to you & make sure you're doing OK on the dive. There are a LOT of swim thrus on these dives & I'm not a huge fan of them, but it was all good experience to add to my diving skills. The visibility was really good & I got to see sharks, tarpon, stingrays, turtles....& numerous other pretty fishes & corals.

And while on Grand Cayman, be sure to do the Stingray City snorkel or dive--it's over on the west side of the island. Great fun!

I don't have a ton of experience staying at dive resorts (or diving, for that matter), but I can't imagine it gets much better than Compass Point/Ocean Frontiers. We stayed in a one bedroom condo. It was roomy enough for two (four could stay, but that would be too crowded for my taste), had the basic necessities of a self-catering condo and a view to die for. All units in the resort have ocean front balconies. When I wasn't diving, I was parked on the balcony staring at the beautiful carribean sea. The beach in front of the resort was not the greatest, but several public beach options were nearby (not that we had time for that). Dining choices were more limited than the "busy" side of the island, but there were certainly more than enough for us since we do quite a bit of eating in (there was a grocery store about 5 minutes away that was small, but had the basics).

The on-site dive operator was first class. They set up your gear, rinsed it and stored it. Want to do a shore dive? No problem, just grab your gear out of their locker and proceed to one of the numerous shore diving spots on the island (you will need to rent a car if you stay here - drive on the left!). The staff was super friendly and made things fun. Diving on the east end of the island offered more dive sites (both wall and reef) than you could visit in weeks.

The east end is the quiet side of the island. We took a drive to 7MB and Georgetown and we were so glad not to be staying over there. It may as well been Florida.

Spoiled! I am so spoiled now. We arrived...they whisked our gear to their area to go on the boat in the morning. When we loaded onto the boat, our gear was setup on the tanks, etc. Diving in GC is PHOENOMINAL... we took our BCs off and they put them on our second tanks. After the dive, we took our gear off, placed it into a crate with our names attached to them; and they brought it back to their gear area. They then rinsed and hung to dry and had it ready the next day....where they did the same thing: setup the gear, etc. All of the dives had the option of being guided (which I fully recommend ...to see all of the hidden treasures and swim throughs, etc). The staff was great... the condo was perfect.. All of the amenities were there to be able to cook good meals...including a recipe book! The tubs have jets in case you wish to have a hot tub...
Only complaint: we went there when the were replacing their dock. It was noisy during the day with the construction. We couldn't really take advantage of the beach. But we spent so much time under water...we were too exhausted to care too much about that anyway. This was just a timing thing. This would not be the case 2 months from now.
I would stay nowhere else in Grand Cayman. Its in a remote part of the island, which gives you a more 'local' feel. We drove into Georgetown and we fully confirmed that we made the right choice. Georgetown is hustle and bustle with HUGE hotel after HUGE hotel. Just another ugly city. Where Compass Point is located, there is nothing around except for beautiful foliage and small restaurants.

Everyone at Ocean Frontiers Diving was professional and friendly. They took care of everything and were genuinely concerned about our satisfaction and safety. The condo was perfect in everyway, fully equipped and all systems worked. The only issue was the "housekeeper" who literally only wiped the kitchen counter and made the beds...nothing else! She didn't even load the diswasher or clean any other table top, ie: dining table, coffee table, bathroom counters.......although it was clearly stated on the little card on the counter, she still could have done more than the very minimal effort she put out. Aside from this very minor item, everyone was helpful and genuine. I'd reccomend them without question.