We are passholders who have stayed at Disneyland properties. Dollar for dollar, Hojo is a better deal. Here's why: we are a family of five. We booked the kids suite, which is two full rooms with one door. Two bathrooms! The walk to the park is comparable to walking from the two farthest Disney properties, and the parking is free. And yes, that waterpark is as cool as it looks. Within five minutes my kids had made friends and were off. AND--the gift store is more of a market, with free bowls and spoons for folks who pack breakfast. There's a microwave and frig in the room. The staff is friendly and helpful. The rooms were nice and clean. The only drawback was that the AC was loud as heck, but we ran it cold for a few hours and then turned it off and slept soundly. Also, they give a pass holder discount! Woohoo!
Lots of families, lots of energy, very cool place.