I just got back from 10 days at the Moana.
I visited the other starwoods (for restaurants) on the beach, my wife and I would walk up to the sheraton for example to watch the sunset and get a drink.
Hands down stay at the Moana. I won't hesitate a second to choose it over the Sheraton Waikiki. Not completely sold on the Royal Hawaiian either.

Here are some thoughts about the Moana:
I did get an upgrade. Room was 17th floor ocean and Diamond head view. It was awesome to sit out on the patio and just relax.
The Staff- all of the Staff at the Moana was awesome. The room service would check with us every night for anything we needed (like a towel refresh), and they took care of us every morning.
They didn't have lei's at check in (we came in the evening and they were out). So, they gave my kids some the next day when they were fresh (they get them delivered at 8am everyday) and then when we were leaving they gave my wife and kids another set on the way out.
They also gave us some of their special blend tea to take home. The aroma of the packet was wonderful. It's good tea.
The concierge is great.
The valets were good too. I asked one of them on Easter morning where a church for my denomination was so I could attend the services and his directions were right on, he didn't miss a beat.
When I was checking out, I met the "check in manager" who chatted with my family for a few minutes while the valet was getting my car.
Just a good conversation which embodies the staff and service there.

The evening programs under the Banyan tree were fantastic as well.

There was no club for platinum access, as that was done away with towards the end of 2008, but really, so what. If I want a drink, there is an ABC store across the street (similar to 7-11).

They also did not hesitate to give me a platinum late checkout. Just very cordial about, they said some Japanese tourist had booked my room and were expected in, but since I was platinum, I could stay and they would figure out what to do with the Japanese tourist until I left.

Couldn't say that for starwood properties in Florida. I had to argue for it at the Four Points in Cocoa Beach and at the swan. The Moana makes the Swan look like they were amateurs and the Four Points Cocoa comparatively is a third world hotel to the Moana.

The Moana just has character to it. You can walk down the halls of the original building and just take in the experience. It's one of my favorites. And I have been to many around the world this past year with almost 70 nights in 2008.