I agree -- not sure what the underwhelming in the park means. I stayed at the PArk Lodge at the Falls. It was pricey for what you got, if you compare it to a Hampton Inn room for room, as it's more motel style. However, it's right at the falls and unless you're really, really pinched for cash, I think its your best bet for visitng the park espescially on a short visit where burning time driving in and out of the park will cut down on time to visit sites. REmember, the roads there are not 70 mph roads. Count on 25-30 miles per hour for alot of the distances to "local" hotels.
I also stayed at the Ahwahnee, because it is famous and supposed to be great, and to be able to say I stayed there. The rooms are like any park lodge -- spartan. The lobby is nice, and so is the setting, but you can get that without paying 2-3 times the nightly rate of the lodge at the falls. I would not stay at the Ahwahnee again unless I desperately wanted to be in the park, there was a special on, and I couldnt get a room a the lodge at the falls. Or perhaps if you were there for their special holiday meal, called... BraceBridge or something like that.