I haven't stayed at the Caribe since 5/2000, so maybe things have changed. I've been there twice, both times in the Regency Club suites and I was very happy. However, I do agree that the rooms do look a little tired - it is definately time for a renovation. I found the staff very helpful and attentive, but I don't know if this is throughout the property or only the the Regency Club area.
What I remember most was that three steps off my terrace was a flight of stairs going down to the beach. It was perfect.