Hi,

When are you planning on going?

As I understand later this year at the Waikoloa Village, the Ocean tower will be closed to be converted into timeshares and there might be construction noise in some areas (not confirmed yet)

The HHV and HWV are completely different resort experiences with the Hawaiian Village on Waikiki beach being more of a large beach/convention resort where as the HWV is more spread out with canals and foot paths with a man made sandy lagoon .
It depends what ytou are looking for but the Waikoloa resort was great for walking and relaxing away from the crowds in honolulu and on the big island for exploring the volcanoes

I like both hotels but prefer the Waikoloa village.

Regards

TBS