We have used VRBO to rent condos and cottages in Maui, Paris, and Seward, Alaska. So far, we have only had positive experiences.
Our latest experience was renting a three-bedroom, two bathroom, with full kitchen cottage in Seward, Alaska. We paid $180 per night. We spoke with the owner on the phone and corresponded through emails. It was not luxurious but it was charming and allowed the three of us to have our own room.
After renting a condo in Maui, I will probably not stay at a hotel again. We usually get a two-bedroom and two bathroom condo in Lahaina for under $200 a night.
Last November, we rented a two bedroom, two and one-half bath apartment for around $200 in Paris. It even had a washer and dryer. In February 2010, we rented a one bedroom in Paris for around $150.
We also used a recommendation from SlowTravel to find a cottage to rent in the Loire Valley area of France. The cottage is so great that we have returned there twice a year for the past four years. If anyone is interested, please email me and I will send you information. There are two stone cottages that have been totally renovated. The owners are from California and live on the property.