Mr. Tours and I just wrapped up a 5 day award stay at the Moana (1/21 thru 1/26) and a two day stay at the Sheraton Waikiki. We are both Gold. I would strongly suggest spending the extra 1500 points per night to upgrade to a "specialty room" at the Moana-- This will result in an award booking for a city view tower room rather than the lowest category room. As gold, (availability permiting) you should then be upgraded to "partial ocean view" tower. We then chose to spend an additional $67 per night to be ugraded to full ocean view tower, but you could upgrade to full ocean view historic for just $20 per night. This is a giant decline in spg benefits from previous stays, on those occassions we were upgraded to ocean view tower as golds and offered suite upgrades for points. Currently, the Moana explicitly states that golds will be upgraded ONE room category only. On a standard award booking, that upgrade will be from historic wing city view to a slight larger historic wing city view.
There is a HUGE difference between rooms at the Moana. City view rooms in the Historic room have a lot of street noise. The ocean view rooms in the historic room are charming, but some have an unpleasant musty smell (I checked out several rooms on the second day of our stay). They are also quite small. The tower rooms are larger and much better insulated for sound.

We cancelled our award booking for 1/31-2/2 and booked an award room at the Sheraton Waikiki instead. Totally different experience. Huge hotel with a "nightspot" feel. I prefer the smaller, more elegant ambience of the Moana, but I must say, the SPG treatment at Sheraton Waikiki was far better: Free internet, 15% food discount, and actual room upgrades. We booked the specialty room upgrade and received an full oceanfront king room. We were offered an additional upgrade to Deluxe oceanfront, but preferred the location of the first room.

One thing I would note about both properties is that they have gone to polyester/cotton blend sheets that feel great for the first 15 minutes but are miserable once you perspire a bit.

Totally offtopic, but must add that the Hapuna Prince completely blew both of the SPG properties away-- better rooms, better views, better service, better food, way better pricing.