Just got home from this hotel today. I live over in Mobile, so it's only a couple of hours away. We go ALOT...a few times a year at least. We last went the weekend after Thanksgiving 08, and then the weekend after New Years this year.
The property does have its pros and cons. With it being so pricey, I always call a couple of times to make sure I get a decent room upgrade, especially if I'm using points. (I refuse to use 40k points per night and get stuck in an accessible room in the basement with no view). I just used 80k points for 2 nights and got my upgrade to the Jr. Deluxe Suite Beachview/Poolview in the larger tower. I've also stayed in the smaller spa tower before and it's nice (those rooms are standard rooms vs. the suites in the larger tower). My room would have run me $469 had I paid for it this weekend.
The staff has gotten better and is friendly; they always make sure I get my upgrades. My main complaint about this place is that it's so damn busy. Crowds, kids, families......kids, conventions, families, kids....you get it. Lots of noisy rambunctious kids everywhere. The elevators are slow as a result of the masses. Good luck getting in the pool or the hot tub. It's packed the whole time. When we go down to the beach, we walk a few properties over to set up our chairs to get away from everyone.
I absolutely love the resort. The amenities are great, the rooms are awesome, the views are spectacular, etc. It's just not a place to go for peace and quiet, which we like. We tend to go mostly from November through February to avoid all the crowds (mostly the families with the noisy kids). During those times, it's chilly on the beach but still nice...and NO crowds.
Also, if you're like my fiance'e and I and like the peace and quiet, you might want to check out renting a cottage in Seaside or any of the other smaller, luxurious communities about 15-20 minutes away in South Walton County.
Don't get me wrong, I love this place as I stay there all the time. It's just a little too family oriented for me most of the time.