I can think of a few properties with fabulous ocean views, but I have no idea as to their names. There are so many guest houses and non-chain hotels located on hillsides; if you're willing to do some ground work, you'll be able to find them easily enough.

Off the top of my head I know there are some hotels on the north side of Patong that have a good view of the sea. Hotel Amari Coral Beach has a good view of the bay from the south side.

My favorite view on Phuket is from the hill to the north of Karon beach. See http://www.panoramio.com/photo/195201