We just got back from Belize. We stayed at Coral Bay Villas for 4 days, 3 days at BB and 4 days in Caye Caulker. CBVs are very nice. Spacious rooms with AC in the bedroom. Only drawback about them is that there is no pool and when your sunning in the hot, humid air, a quick dip in the pool would be nice. You have to go inside and shower off. It would have been nice if they even had a outside shower.
Rafael, the manager, is great. Very nice and very accommodating. You can book everything you want to do right there with him. Derek, the night security guy, is nice too(and pretty lonely with an all night duty). He will talk your head off.