Concierge.com's insider take:

It's not exactly budget-friendly, but this property, newly renovated in summer of 2006, has the most reasonably priced over-water bungalows on Bora Bora (high-season prices start at about $680 per night). Thirteen of the 64 units here are OWBs with all the same bells and whistles you'll find at other resorts—peek-a-boo glass floor panels, enclosed patios, outdoor showers, swim-off decks—only they cost about half what the almost-identical ones at nearby five-star resorts do. The other, landlocked units, which face either the lagoon or the tropical garden, are also very pleasant; all have mod-Indonesian decor, with cane ceilings, wood or tiled floors, and neutral-colored fabrics offset by bright-colored cushions and native flowering plants. The common areas are a bit playful, and acknowledge the hotel's rather tacky beginnings: It was built as a film set for the 1979 Dino de Laurentiis–produced film Hurricane (which was something of a box-office turkey). Black-and-white stills from the film decorate the lobby walls, and the hotel's safety orange-colored bar (also called Hurricane) serves tropical drinks with names like "Black Pearl" and "The Bounty." The fact that it was one of the first chain hotels in Bora explains the primo location, on a private beach in Matira Bay.