The Dusit Laguna is a fabulous property with lots to right in the Laguna complex with free shuttles. Relatively close to the airport, but far from both Patong and Phuket Town.
That said, having lived in Phuket, my absolute favorite value for money hotel is The Central Karon Village, perched on a cliff.
It is not in a built up area, yet minutes from Patong and Karon. It is very romantic, with mini mokes shuttling you up and down the steep hotel lay out.
It has an open air massage area to die for. The prices are set for the local Thai market so are considerably cheaper than similar luxury hotels. Oh, the rooms are private bungalows.
The underlying problem with Phuket as a destination is that unless you just want to be marooned at your hotel, a car is essesntial yet driving is not advisable for people unfamiliar with Thailand.
The local taxis are all gangsters, so it helps if your hotel is not in an out of the way spot.
Have fun!
[This message has been edited by SAtransplant (edited 02-22-2003).]