We had 3 nights at Waters Edge and we thought they were pretty good. The service was very warm and friendly and we were given fantastic advice about tours. The room was clean and tidy and spacious for two. It wasn't super busy when we stayed and having 3 pools meant that I could choose an empty pool to swim in - the pools are not large so I would imagine that they could get crowded pretty quickly. I didn't like the spa but I'm not a good judge as its pretty rare that I find a spa pool that doesn't look a bit dirty to me.
One strange thing we noticed was that the bed was on rollers so if you sat down quickly on the bed it swung away from the wall ( bit weird). If you are going to use the in room washer and dryer be warned that they are super noisy - we did a load of washing at night and I was expecting the neighbours to complain it was so loud! Lastly - the location is awesome! It's a two minute walk to all the shops in Airlie so those who don't like the sound of climbing the hill to other properties in Orchid Drive will like that Waters Edge sits right at the bottom of the hill ( its only a tiny trek up the drive of the resort and then they have a lift).