Stayed for 3 nights the first week of December 2013. All on a mix of points and IHG Chase reward nights. We were originally in the Coral rooms... but about two months prior to our arrival we checked our reservations online and were pleasantly surprised to see that our reservations now listed us in an Emerald OWB. I don't know if that was because I had purchased an Ambassador membership (probably)... or if they just extend that complimentary upgrade to reward stays these days. But the gamble of not paying for an upgrade paid off (apart from the $200 Ambassador membership fee).

Like I read throughout this post, all the bungalows have the same layout, the difference is in the views. Since the wife and I spent equal amounts of time during the day in our bungalow, and on the beach, and at the pool... and from these locations, you had amazing views of Mt. Otemanu... we felt like we saved money by not trying to pay for any additional upgrades.

Three other notes:
1. The snorkeling isn't that great at the IC Thalasso. Sure, you'll see a variety of fish near the chapel and near the bridge next to the spa. But it pales in comparison to the fish we saw at the other resort we stayed at. (I think it may have been a no-no, but I did hop over into the small pool of water underneath the spa. The snorkeling there was great!)
2. Our excursion with Raanui Tours was awesome. Highly recommended.
3. There are a couple of eateries once you hit the main road outside of the IC Le Moana. We went there one day and had delicious steak & frites and fish sandwich at Roulotte Matira... and also picked up some snacks/beverages at the local convenience store.

This thread was super helpful in helping us plan for an amazing vacation on a relatively reasonable budget. If you have any questions, don't hesitate to PM.