what kind of budget?

boutique properties or private villas usually offer a better value than chain properties like le meridien nirwana (although you might also see how cheap you can get villas at le meridien or laguna nusa dua between upgrades/points/etc) and luxury properties are cheap compared to other regions.

if youre mainly concerned with nightlife, that might be another reason to get a villa or go with a boutique property (many with villas too) in just the right area. hopefully youll get some feedback on that kind of thing.

some location discussion
http://flyertalk.com/forum/showthread.php?t=691198
http://flyertalk.com/forum/showthread.php?t=687134