Depends. Certainly mixed.

Good:
Gorgeous property and grounds having undergone extensive renovations through mid 2008. Can't comment on the spa because I don't think it was finished at the time of our visit.
Nice 3-tiered pool area with some deluxe cabanas (though all have fees).
Resort rates at the fantastic Kapalua Plantation golf course as well as the Bay course and proximity to Kapalua Adventure Center (zipline and challenge course, Maui Gold pineapple plantation tour, hiking).
Variety of good, nearby dining options: Honolua Store, Sansei Sushi, Plantation House, Merriman's Kapalua, Pineapple Grill, Gazebo, Sea House and even Roy's Kahana; as well as the in-resort Banyan Tree restaurant.
Kiddie pool and playground.
Jean-Michel Cousteau’s Ambassadors of the Environment program at the resort.

Bad:
Not oceanfront (though it was planned to be) due to ancient Hawaiian burial grounds uncovered during resort construction. Golf cart rides provided down to DT Fleming Beach, though it's an easy 5-min walk.
Weather is a bit trickier here than Kaanapali or Wailea - can be much more windy than other island locales.

I can't recall the service level too well since my last stay here was over a year ago (Sep 2008), but I don't remember anything significantly negative and overall felt it wasn't too far off the top standard on the island, the Fours Seasons, which we stayed at subsequently during the same trip. Do recall that our welcome at the Ritz was very warm and friendly...felt a lot of the aloha spirit upon arrival.