Cool Runnings is a beautiful place directly at Lake Malawi. It's simple but clean and there has been put a lot of thought into details - there is lawn with sunloungers, a bar, a terrace with supercomfty chairs. The food is nice and the beer cold :) There is plenty of hot water.
You can also easily book a number of activities at the reception (boat trips, kayaks, etc.)
The best thing in my eyes, however, is the owner's dependability. Samantha arranged absolutely everything we wanted (you can easily contact her by mail or (mobile) phone) - lodging, meals, transfer from the airport, trips. We transitted via the burnt-down airport in Nairobi, and I told her that I wasn't even sure we'd reach Malawi, she told me not to worry and to send her a text message on her phone when we'd depart from Nairobi -> I did exactly that, and when we arrived at last, our driver was already waiting for us to take us to the hotel. Everything went smooth and hassle-free. When there was some trouble with the reconfirmation fo our flights, Samantha was able to provide efficient help as well. She has a great sense of humour and knows a lot about the country.
A slight drawback is that there is quite a lot of noise during the hours of the night - some club is nearby playing music until midnight, and, starting from about six in the morning, the TV is running in the nearby lounge, and the staff starts cleaning the gardens; but we could always sleep.