Stayed in both the "Hollywood Out West" and "Trading Post" rooms during our stay. I loved the comfort and decor of Hollywood Out West (bedroom-sized, with sink in the room) while my husband preferred the spaciousness of the Trading Post (with a sitting area near the fireplace). Both were an upstairs room, with fireplace and double whirlpool tub. Pictures of all rooms are on Inn on Oak Creek's website. The Trading Post is considered one of their "streetside" rooms - no balcony overlooking the creek, just a window to the highway. Hollywood Out West has a small terrace but not directly above the creek. If you don't need a deck/balcony and hate to spend money, I say go with a street side room as it is priced the best (if you don't need a double whirlpool tub, consider the "Apple Orchard", which is the lowest price room - it looks nicer in person than in the picture - will consider this room on our next Sedona trip) and you can get a AAA discount on it too (when you factor in breakfast, the Inn can be a better deal than a hotel).
The Inn is perched above the creek. It is also RIGHT on the highway - which actually makes it quite convenient to walk to nearby shopping areas. The highway noise from the streetside room isn't very bothersome, especially if you're out sightseeing during the day. The one room that seemed iffy to me was, I believe, "Homestead Hearts." It's downstairs right by the dining area. Didn't seem very private to me, at least not from the outside.
This is a AAA 4-diamond B&B, so expect attentive service. Since this is a larger B&B, you get personal service with the freedom to keep to yourself like in a hotel. The 4-course breakfast is delicious. We didn't eat lunch any of the days we were there, but didn't feel stuffed-to-the-gills after breakfast either. We made sure to schedule our plans so that we were back "home" for early evening snacks before heading off to dinner. There was always a pitcher of iced tea, water, and a plate of sweet treats in the lobby to greet you after a day of sightseeing. Our first B&B experience was a success!