I've stayed in a residence, but not a normal suite. The residence is quite large, with a full kitchen (but not full size fridge) and eat-in bar area, which was my favorite thing about the suite. And of course you have the regular separate bedroom with a door, etc. The bathroom is only accessible form the bedroom so if you are having others stay with you or visiting you, that might be awkward. The residence side of the hotel is much quieter IMHO. We rarely encountered anyone other than the hotel staff. And we never cooked, either, but it was nice to be able to stash snacks and heat/reheat food we either bought at the Honolua store or had as leftovers.

I will say from having stayed in a club floor (top floor), non-suite ocean view room that you really can't see much, if anything, of the ocean. Granted, it was cloudy but we never saw anything beyond the golf course and trees.

Personally, between the two, I'd pick the residence.