We have been visiting Metung on holidays for 10 years and we are very familiar with the area. For those that don't know Metung, the best view is facing Bancroft Bay and as such, when we booked to stay at the 2-bedroom loft, we asked specifically whether it faced Bancroft Bay and we were told it does. It turns out that none of the 2-bdr apartments face Bancroft Bay. They face Lake King once you see past the bushes and the electricity pole. This was a disappointing start to the holiday and there was nothing that could be done because the only sizeable apartment that faces Bancroft Bay is a 3-bedroom, which was booked out.
Once we checked into the apartment we also discovered that, apart from the main bedroom, the apartment was very small. The dining area is right under a particularly low staircase (ouch) and there's not much distance between kitchenette and lounge. It has a real cramped feeling when staying with a family, and for the price, we really expected more.
The real clincher was that the main room has no acoustic barriers with the living area. So if you have any young children that happen to be sleeping in your bed, you need to keep the noise down in the living room. Conversely, if you have older children that want to watch tv in the morning you can kiss a sleep-in goodbye. This apartment might suit a couple but the 2nd bdr seems to be overkill.
On the bright side, the bathrooms are modern, the apartments are clean, the cleaning staff are thoughtful and the coffee machine's a plus (although Bancroft Bites restaurant offers great food and coffee). Also, the reason we chose 5 Knots this year was because we stayed in the 3-bdr last year and, by comparison to 2-bdr, it is amazingly spacious and has a great view of Bancroft Bay. If you are staying at 5-knots with kids of any age, I recommend that you only stay if you can secure the 3-bdrm.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.