I agree with indygal ....
If you enjoy going out nightly, and are planning on eating most of your meals "out" so that you can try different establishments, then you may want to pick a location close to town. Otherwise you'll need to use the water taxis, a golf cart or a bike to get to town.
Last year we chose to stay north of the cut after doing lots of reading here, and decided upon Belizean Shores, as we needed more R&R. This year, we chose a bit closer to town and stayed at Coral Bay Villas. Had great vacations both times.
Planning is half the fun!