I have not stayed at Belizean Reef myself, but I have looked at it, and it's very attractive. We get nothing but good reports on it at Belize First, and the posts I see on it on the Internet are almost all positive.
It is convenient to the beach at Ramon's, which is the nicest beach in or near town (though not the best beach on the island). It used to be that Belizean Reef guests could use the pool at Ramon's, but I don't think that policy is in effect anymore. You could ask the manager at Belizean Reef.
Belize First Magazine http://www.turq.com/belizefirst/