Has anyone heard anything about this development out on Lighthouse Reef? Are they reputable? (or close to reputable) or just another rip off deal. Any feedback would be appreciated. Thanks in advance.

Go to http://groups.yahoo.com/group/LongCaye_Chat and you will learn more than you thought you ever wanted to know about Long Caye. Lot of pictures here too.
You will also get pros and cons here on this board. I own two lots out there and have been very active in trying to get the developers to hold up to their end of the maintenance agreements.
There is a very nice little resort there – Calypso Beach Resort – and I have stayed four or five times.
BTW - there are seven island in Belize named Long Caye.

Checked out the site. Thanks for the info.