We have been to both the Moana (about 15 years ago) and the HHV (twice - last time 5 years ago). IMHO, you can't go wrong with either - with some exceptions. I have heard that the city side rooms at the original Moana are (were) horror rooms. We lucked out and got a oceanfront room in the newer section and it was fantastic! You can walk right out to the beach from the beach elevator, and it is smack dab in the middle of all of the honky tonk action (if that's what you want).
Were at the HHV twice, and if you want things a little quieter, this may be the place for you. We really enjoyed our stay there both times.
We are going back to Hawaii this October for our 35th W.A. and will be staying both at the HWV (Free

) and the HHV (paying).
Enjoy!
DD