Review as of Feb 2013
I spent three nights at the Laguna and it's a solid property. Platinum's are offered points or full buffet breakfast. As a lifetime gold they also gave me a 60 minute massage (good for two people) which I thought was a great benefit.
I was upgraded to a newly renovated "studio room" which was clean, modern and comfortable. The grounds are well taken care of and the staff is very good.
The resort is older so if you expect a new five star resort you should head to the St. Regis. I paid ~150 USD per night and would consider it an exceptional value for the price (I've stayed at 1* FourPoints for more).
For those who like a little more local flavor and really want a bang for the buck experience, I'd recommend the Sheraton on Lombock. It's a steal at ~80 USD per night and I've been upgraded to a suite every-time I've been. It's also close to a lot of local flavor (restaurants and shopping). However, there aren't clubs or other similar types of entertainment.
Anyway, the Laguna is a solid property and I'd certainly return if in Bali (the spa is very good btw, and worth the cost over the local providers).