I've stayed at Banyan Bay and thought it was great. It was $200/night for 2 rooms and 2 bathrooms; kitchen and living room, so you can split the cost if you're going with others. It's about a 20 minute walk to the center of town, so it was the best of both worlds. The restaurant food was pretty good and the staff were very helpful. I stocked my kitchen from a local stand down the road. The dive shop was great and Eli there seemed to know everyone in town. The pool was clean and had one of the best beaches on the island. It was a very laid-back area in contrast to being in town.
I did some investigating into other hotels and thought Banyan Bay (and probably Victoria House) were the best places to stay, but I didn't see Journey's End or Mata Chica. Banyan Bay is not a Cabana type resort though, so if that's what you're looking for, you should try elsewhere. If you have any specific questions, let me know!