With 2 small kids, we've outgrown a standard hotel room, so friends recommended Honua Kai (HK). On past trips to Maui, we've stayed up the road at the Ritz Carlton, or Four Seasons in Wailea. Coming from those 2 properties, we had high expectations for HK. Instead of paying $400-500 for a standard room at the Ritz, or FS, we got a beautiful 2 BR with lanai at HK, which was exactly what we needed.
The pools, common areas, rooms are all up to par with the other 2 hotels mentioned. The service isn't bad, but since it's not primarily a full-service hotel, you're a little more "on your own" in terms of getting your own pool towels, setting it on a chair, or cleaning up your condo day-to-day. On the flip side, you now have a huge condo with a full kitchen and nice balcony, so it worked well for us.
The restaurant, Duke's is great, but not for 7 nights in a row, so we went to some other local places, all about 5 min away. Duke's does offer poolside service for food & drinks, so this was wonderful and convenient!
HK is perfect for families with small children, but I think honeymooners, or families with teenage kids would find it a little boring and lacking some of the "busy-ness" of a larger 5-star resort.
I guess all things being equal, we would love to have a $1000 suite at the FS or Ritz, or 2 joining rooms (again, about $1000/nt) instead of HK, but for less than 1/2 of the price, this is a WONDERFUL alternative and I did not feel anything was really missing. I did not feel that spending more than twice the amount for equal accomodations at the Ritz or FS would have made our vacation "twice" as good, so I would recommend HK for families with small kids in lieu of the luxury hotels.
Hands down, I would return to HK in the 2BR/2BA again instead of a single room at any luxury hotel, or a time share property