At Belize First Magazine, we get almost nothing but positive feedback about Belizean Reef (and about Banyan Bay for that matter, but Banyan Bay is a bit more expensive). I think about the only negative comments I've heard about Belizean Reef is that someone didn't like the noise from planes landing. It is well located and has very attractive units. Banyan Bay is more deluxe, with a pool which Belizean Reef doesn't have, and arguably a better beach, but it is a more expensive and many people prefer to be within walking distance of town.
Belize First Magazine http://www.turq.com/belizefirst
Fodor's Belize & Guatemala Guide