We stayed there for a week at La Jolla Mismaloya condos. It would be a perfect place for us, if not for the highway noise - at night you can hear all the trucks and it's really hard to sleep even with the earplugs. But the beach is wonderful, people are great and the village is really cool. We got to be friends with Noa (owner of one of the palapa beach restaurants with the yellow lounge chairs) - he cooked for us the bestest fish kebabs as a good-bye dinner (it was his gift to us). We both love to snorkel, so we hired a local boat (Gloria Teresa) for $35 for a boat for an hour - we were snorkeling for longer than an hour and guy didn't charge us any extra and he was really-really nice - he took us to 2 different snorkeling spots at Los Arcos. Also when we were almost back at the beach he spotted 2 turtles and I got a chance to snorkel with them :-). Oh, and there is a fabulous SPA on the beach!
La Jolla Mismaloya hotel guards their clientele very seriously - if it's a high season and the hotel is full they may not let you on the property (not even to take a look). I guess if you pay way over $1K per week you'll want to be guarded ;-). But we didn't care about hotel.
Canopy tour Los Veranos is nearby - they stop in front of the hotel to pick up tourists. We did it and it was the greatest thing ever.
There are 2 tequila factories in the village - they sell some nice souvenirs.
Another choice of accomodations is Iguana hotel - it's a condo style hotel with a swimming pool (not very big), the only one thing - it's in the village, not on the beach.
The buses are running each 10 minutes to PV and it costs 50 cents each way per person.
Overall - Mismaloya is a beautiful place and we loved it!