disclosure: we stayed at O'Keefe's Waterfront Inn and used Beyond the Reef dive shop. But, we did check out rooms at the other hotels and ate at several restaurants during our stay.
This is our quick comparison of the various establishments ....
Trader's Ridge Resort - a true resort in the sense that one could stay on premise and never leave. It is located on a small hill; rooms are large with a tropical feel. Swimming pool can be used by non-guests for a fee
Manta Ray Bay Hotel - a dive resort with all amenities divers want an need such as on-site photography services, well-stocked gift shop. The restaurant is on a boat and there is a microbrewery. There is a swimming pool and some rooms have private outdoor sunken tubs.
O'Keefe's Waterfront Inn - a small and very charming inn provides a drying closet for wetsuits and bathing suits. Rooms are efficiently designed and well lit. It is the only hotel with cable TV.
Pathways - rooms are traditional wood buildings on a hill, giving a jungle feeling.
ESA - motel style
Best value dive package - O'Keefe's Waterfront Inn + Beyond the Reef + Oasis Restaurant
Best beer - Manta Ray Bay's microbrewery
Best restaurant - Oasis (across from O'Keefe's)
Best resort - Trader's Ridge
Best dive resort - Manta Ray Bay
Most charming - O'Keefe's Waterfront Inn
Most traditional - Pathways Hotel