We stayed at Coral Bay Villas in January '05. We loved it there!
The facilities are _exactly_ as described in their promotional materials so the only surprises were pleasant ones...like the fact that Raphael would bring a case of Belikin to our condo and put in in our fridge for 48BZD.
There is no pool, there are no showers outside and it's not possible to swim at the beach (just like most of AC) but it is great to swim of of the pier at Caribbean Villas next door and if you lie in the sun all you have to do is walk inside your condo for a shower...no problem, mon
I've never stayed at Belizean Reef. For the forseeable future, as long as Coral Bay Villas is available for our vacation dates, we will stay there.
I sent some pics to jfabes to post. Hope they help you make your decision.