Having visited Phuket numerous times, I've stayed at the Phuket Yacht Club exclusively (since 1988), and I love it there. The ONE time that the PYC was booked solid, I ended up at the Dusit Laguna, and...well...let's just say you might want to avoid it; as an earlier poster stated, it feels like a tour-operator hotel.
In terms of value for $, I think the PYC is a real gem. The staff remembers me, and they are VERY accomodating. It's really only gotten better since Meridien took it over, also.
On one trip, I got back late in the evening one night, only to find the bed moved away from the wall and a bucket on the floor to catch the water that was dripping in (there was a terrible storm going on that night). I called down to the desk, and they said that they were going to move me but didn't want to pack my things for me without my permission. I thought that was nice of them, actually, as I can't stand it when I don't pack myself. So I packed up, and they moved everything over to a better room.
The restaurants are great (best club sandwich on earth, IMHO

), they have a small leave-a-book-take-a-book library, etc. Great views, too, though Nai Harn bay is getting a bit built up, and the view of the windmill was an unwelcome addition a few years ago, but I recommend it with no reservations at all.
Will