We stayed at Whaleview B & B in Warnambool for one night in May 2011 after completing our tour of the Geat Ocean Road.
The B & B's home page doesn´t look picture perfect, but the views you get in the morning while still lying in bed are absolutely stunning. Throughout whale season you may be able to watch whales right from your bedroom without even getting up. Also, we did not only get a single room but a double bedroom, big living room (huge flatscreen TV) and a bathroom, which were all very cleanly kept, all by ourselves.
The breakfast (we chose "full breakfast") we got served by our very friendly hosts Christine and Peter was just delicious. They also had some good advice on what to do and see in Warnambool (e.g. watching lots of Kangaroos in Tower Hill park).