Myself and my other half would chime in for the Equator. We've even ended up meeting the owners when they are in P'Town for thier vaction in the summer.
The place is well kept and very friendly. They even have a happy hour around the pool. Quite nice as you start to chat with the other guests.
This time (over New Years) they were full. I like Big Ruby's as well, though it's been a while since we stayed. One other that looked interesting were the ones next door to Equator (Coral Tree, Coconut Grove). Again booked up. We finally booked into the Fleur de Key, which has a five palm rating from out and about. We'd give it one. It just did not work for us. If you really want to know what we thought, look them up on tripadvisor.com (my other half was NOT impressed at all!).
I also have to say we were not into Key West this time. We did some fun things (I HIGHLY recommend either a snorkelling sail or sunset sail with Captain Steve (http://www.captainstevekw.com/) We had a great time. However, I see a bit of the shine being taken off KW with all of the cruise ship passengers. It (I hate to say it) is becoming a bit too touristy (read: straight) for my liking. I walked down the street NYE thinking this must be what it's like to be in Falaraki or Mazatalan.
We're going to give KW a bit of a time out I think.
YMMV
[This message has been edited by LHR Tim (edited Jan 29, 2004).]