I am a big fan of Acapulco, still! I usually stay either at the Fiesta Americana (in the middle of Acapulco, right on the bay) or Los Flamingos (much older hotel, in the oldest part of Acapulco)
The Fiesta Americana is exactly what you would expect from a 3+ star hotel. Clean, comfortable, with nice views of the bay, and with all the normal amenities. It is right in the center of the action, near the clubs - the north/NW (or sunset) side can be a little noisy. The opposite side is very quiet.
Hotel Los Flamigos is one of the oldest hotels in Aca - and in truth, it shows its age. But the staff and family who owns it are fantastic, and the view from the cliffs make for the best sunset views in Acapulco.
The Diamante/Puerto Marquez area is new, shiny, and more popular. A lot of condos and more of a all inclusive vibe.
Acapulco has had a LOT of problems in the past 7-8 years. A narco cartel power vacuum created by the removal of the controlling BLO cartel made Acapuclo a lucrative and violent location for crime. But as public and dangerous as it was for the locals (and sometimes Mexican tourists), the tourist areas were generally spared.
Things are still far from normal there - foreign tourism is scant, it is more of a weekend destination for Mex City travelers. There is still plenty of English speakers, but there is definitely a more "Mexican feel" than, say, Cancun. A little Spanish goes a long way! What had been a 7 day/all night party atmosphere has evolved into busy Wed-Sat nights, with Sunday, Mon and Tuesday being very quiet.
There has been a lot of private investment in the old section and golden zone, and a number of public works projects - redoing the Costera along the bay, a new bus system, and a professional soccer stadium. Security has been stepped up, and with positive results. The drug violence has peaked, and seems to be receding.
I can't say that at this moment I would recommend Acapulco over more family-friendly (and relatively untouched locations) Cabo or Playa del Carmen - though Acapulco is still my #1 choice. The people are fantastic, there is plenty of good food, and the beaches and views are as good as anywhere!
Hopefully in a few years, things will return to normal!