The best 'deals' are points redemptions at the Hilton Bora Bora Nui (wow -- 175k HHonors points for 6 nights albeit not in overwater bungalow, but without capacity restrictions... and you can transfer for example AA miles at 1:2) and at the Intercontinental Thalasso (40k Priority Club points/night) and join at least Ambassador... do two non-points nights over a weekend using your weekend buy one get one free cert.

Neither is the luxury route because neither provides overwater accomodations with points redemptions (as a guarantee). But that's a frugal way to do Bora Bora.

For over the top luxe, neither the FS nor SRBB were open when I was there last (wow -- it's been 3.5+ years!). But if I were in a position to pay I'd definitely select one of those two properties, preferably the FS.