Booked a cheap long weekend here from the UK for a friends birthday. The apartments are large and clean and pretty basic although we did cook ourselves breakfast one morning, and had absolutely no problems.
The location is absolutely great for the money, close to the bars/shops and beach. We tended to avoid the pool during the day, mainly due to some of the all inclusive characters that hung out there. Several people were spoken to by the hotel staff because of their behaviour, totally unacceptable with all the kids that were about. I agree about the sunbeds though, it was quite funny watching people queue up at 8.30 am to run down and place their towels on the loungers.
I didn't hear good things about the food there, but as we booked self-catering, I can't really expand on that. We ate all our meals out and the food didn't cost the earth and there was lots of variety. The apartments are literally no more than 10 miles away from the airport, so in our case it was cheaper to get a taxi as we were a party of three. Transfers would have cost us £60, but our return taxi journey cost us 45 Euros.
If I were going back to Lanzarote, I would probably stay here again, and would definiately recommend it to others as a cheap base.More