I guess one of the good things about this board is the ability to solicit different opinions. To elaborate on my experience, I was paying something like $130 + tax/night in the off-season (early Sept).
Upon reflection, it wasn't that the property was horrible, I suppose. However it is one of the older properties in Cancun (I confirmed this fact with one of the hotel employees). The next day, I checked expedia.com and found several other newer properties which I decided to investigate. Several seemed to offer much better value at the same price.
Ultimately, I was able to secure a fantastic room at the Ritz Carlton for a few bucks less. The Ritz has been rated as one of the best hotels in Latin America in one of the lists to which I pay attention (can't remember which).
Although this may not sound politically correct, I really had a hard time believing that some of the guests I witnessed at the Hyatt were paying anything close to my rate.
My experience may have been somewhat biased in that I didn't pay for my stay as part of a package. Making my reservation the day before, this property was actually one of the most expensive. (In Acapulco, most of the hotels seem pretty mediocre, and the Hyatt there is probably one of the best, in spite of its condition.)
Also, I was given a small room in a 2nd floor walk-up with only a partial ocean view. To get to either the beach or the regular pool took a bit of a walk. The bathroom was small and old-fashioned.
As indicated by monitor staff were extremely friendly and professional.
I went to the Hyatt website and confirmed that I was indeed at the Hyatt Cancun Caribe. However, the photographs of the rooms and descriptions seem to be of different accomodation than I received. Indeed, if I had been upgraded to one of the Regency Club villas, I probably would have stayed.
Rather than ask the next day if they had a better room with a view, newer furnishings, Regency Club access, etc., I just decided to bolt. (I figured if I was going to have to repack, I might as well get the best deal possible.)