Pros:
If you want to be literally within a few steps from everything, this is the place to stay. We had a balcony with a nice marina view and were literally right next to the Port Lucaya Marketplace (a fantastic place with shops, straw markets, restaurants, bars, and live music and dancing in the square every night). The rooms were well sound-proofed so that we barely heard the music from the marketplace at night from inside our room. We could sign up for all sorts of beach activities (e.g., snorkeling, kayaking, horseback riding, dinner cruises) at the various kiosks by the marina. The beach was a short walk across the street through the Our Lucaya resort.
Amenities:
The room had tile floors and came with a microwave and mini-fridge, in addition to the standard iron and wimpy hotel blowdryer (I would strongly suggest bringing your own hairdryer (don't need an electric outlet converter) because they're the old kind that barely blow out any air). The bathroom wasn't fancy but clean enough for beach lodging. They only provide bar soap, so bring or buy your own shampoo/conditioner and lotion.
Con:
My only complaint was with housekeeping; our room wasn't cleaned until around 5 or sometimes later each day, i.e., the typical vacationer's naptime. So it was a little frustrating to be woken up or have to wait around for clean towels. They were also hard to reach by phone, but the front desk was fairly quick to respond if you told them what you needed (make sure to tell them you couldn't reach housekeeping or else they'll just transfer your call).
Last Tip:
During spring break season this is where all of the college springbreakers stay. But they were surprisingly non-disruptive and usually gone during the day. Their main haunt was the pool, but that was fine since we preferred the actual beach anyway.