We booked a 'special' at about $170/night (room only) with a Reef View and it was fantastic value for money; even if I'd paid say $250-$350 night we'd have been pleased. If you phone the bookings number direct, they seem to have the best value rates and specials available, cheaper than other internet sites.
From the time we arrived at the ferry terminal (had come from Airlie), our bags were transported for us and reached our room before we did. Check in was quick and the staff were all very friendly, much more that a few years ago. I think they must have been doing some intensive customer service training the last few years, the professionalism of the place has really picked up.
The room itself was very big for a hotel, with plenty of room for us and two kids to share and CLEAN (I am quick picky with the clean issue!). The view is absolutely amazing, make sure that you spend the extra money and get an ocean view room, when you wake up to that view you won't regret the extra $30 or so per night. I have a couple of minor complaints about the room, but for the price and when considered against all the fantastic things that the island and hotel offers, it's really not much of an issue at all, but here goes: There was a light outside our room that shone through all night (I fixed that by stuffing a pillow in the window!), the room smelt a little musty (you get used to it) and the lifts were slow (but hey, it's a holiday, so what's the rush!).
Don't worry about packing your beach towels, they provide clean ones whenever you want, which is great because I think that the laundry charges were about $8 for a wash and tumble dry.
We will absolutely go there again, for a hotel the space, big bathroom, view and location make it a great choice. Remember though, it's a hotel and NOT a holiday apartment - I heard some people complaining that there weren't kitchen facilities in the rooms or washing machines (which all would be very nice, but aren't really a feature in most hotels).