We just returned from 12 days on AC. The island was damaged by Keith as reported, but has been nearly refurbished at what has to be the most incredible rate of any 'third world' country I have ever been to. I have followed many hurricanes on travels in both the Caribbean and South Pacific that has left those countries wallowing around for a couple of years, not only physically but attitude wise too. Not so in AC! Workers were going day and night with many supplies available, albiet the 'plywood shuffle' by one of the towns connected businesses via a donation from the US.
In fact the island probably looks better than it has in a few years, seeing all the new painting and construction and the new/rebuilt boats and motors running all over.
I will comment on the reef that Marty mentions. I dove daily with trips to the north and south as well as out to Turneff Island. The reefs have been damaged. Quite extensively in a couple isolated places. Mostly the local spots just out of the San Pedro pass. The unique thing is the damage seems very isolated to certain ridges of the reef. Out of a 50 min. bottom time you might get 15 min. viewing of a damaged area. Predominately the Staghorn. Again I say a couple places. Elbow reef off Turneff was terrific despite bad weather trip and low light. A lot of large grouper (50-75)and Horseye Jacks during every dive. Try and get the boats to take you to the north end of the reef where the swim throughs and tunnels are prolific and where there are fewer people as the QUICKER near San Pedro dive trips are located.
Finally, would I go again...probably not until we return via our own yacht. I felt the prices were more like that of French Polynesia than of Latin America. The locals really know the greenback and it's relative value and charge considerably more than any other Latin country for similar services I have been too. I just didn't think the value was worth the prices paid. And yes we do like Ambergris Caye!