The hotel itself is nice enough, but waaay overpriced. Luxury price without the luxury.
There's no beach to speak of (yes, there is some sand near the water, but it's tiny and all the view is blocked by the owb).
Breakfast buffet is average, always running out of stuff. Dinner buffet was average too, little choice, the dishes were never refilled, shrimp and oysters disappeared in a second. We felt rushed to leave. Also during show night you can't really get food while the dancers are there because they dance right in front of the buffet table.
As for the overwater bungalows, it's worth booking premium in order to have a proper overwater experience (you can jump into the ocean from the deck). The owb rooms are pleasant enough, spacious and nicely decorated (both standard and premium, in fact i think the bungalows themselves are identical, the only difference is the location). Cons: the roof doesn't fully cover the terrace, so you can't really use the lounge chairs, if it's sunny it's too hot and if it's rainy you get wet. Also we had a bathtub instead of shower, very uncomfortable and doesn't make much sense (who takes a hot bath in 30°C weather?)
On the plus side, there are free SUP boards, kayaks and snorkel, the guys that work at the pool shack are very friendly and helpful and speak many languages. The hotel is regenerating coral under the ow bungalows which is full of fish. And we were very happy with late check out, it was easily available for a reasonable price.