My girlfriend and I just came back from a wonderful week staying at the Playa Los Arcos. We had, for the most part, a great time. We had a nice room with AC overlooking the ocean. The best beach in Puerto Vallarta is in front of the hotel, and we were surprised how many people from other resorts and hotels were paying for the privelege of sharing the beach with us. Yes, there are alot of vendors on the beach bugging you, but remember, this is Mexico, and unemployment is out of control. Just learn to say "no gracias" every three to four minutes and you will be fine. The inclusive plan is the way to go!
The quality of the food ranges from fair to very good, but the money you save on both food and the bar over the course of the week is significant. The pools and grounds were nice, and helped create a nice, relaxing, vacation experience. We had two massages during our stay, and both were very good. The only complaint I had was the lousy wireless internet, which I hope management will repair soon.
We had a great week there, came back to work relaxed and rejuvenated, and hope to go back soon!