I've visited Banyan Bay a number of times since it opened about 4 years ago and I stayed there with my family in August of last year. We had a fantastic time. Nothing we didn't like about the place.
The units are very large, about 1,000 square feet, with two bedrooms, two baths (master bath has a jacuzzi), full kitchen, living area. There's cable TV, and the A/C worked great. We had a second-floor unit so we had a balcony with seaview.
The pool is large, kind of two parts, one shallower and one part deeper. The beach I think is very nice. It does have some seagrass, but that's typical.
Rico's restaurant is on site. I would not say it is the best restaurant on the island, but we had breakfast and lunch there several times and enjoyed it. The setting on the water is fantastic, one of the best restaurant locations on the island. Of course there are many restaurants to choose from, some within walking distance.
Banyan Bay is not cheap, and it has only two-bedroom units, but if you're traveling with another couple or with a family, I highly recommend it.