I know this is a late post on this subject, but was just ruinning through the boards for info and wanted to add my 2 cents to this post.
I stayed at the Reef Club in 2001 and was not in the least bit disappointed. THe accomodations were very clean, neat and very charming. The floors are tiled, kept clean and made bringing dive gear back to the room easy. The room had a nice balcony for sitting (faced the ocean) and we could leave gear out there on the 2nd floor and not worry about it.
The food was average in the buffet places, exceptional in the restaurants (which was limited to a couple of nights). Drinks were FREE in the AI package, not great due to that, but I am not a big drinker. If you like beer, they had it and it was cold. Mized drinks were with local or cheap brand liquor, but again, I am not a big drinker. The food was about what I would expect for the price we paid.
The entertainment was ok and ammenities simple, but I was there to dive, not jet ski (which was extra). The beach is a bit "harsh", not the soft sand of other tropical locals and shore diving from there would not yield great views, but the snorkeling on the beach was fine - go toward the pier.
We did not use the local dive op, as we booked with Emerald Dolphin Dive Service, and they were fantastic! Tony and his crew were excellent. When we checked out the on site dive op one day (walked into the shop) they did not give us the time of day. We were picked up at our dock every day and dropped back off without trouble.
So, my 2 cents from my stay is perhaps the Reef Club is not the nicest AI on the island, but it was well worth the money spent (nearly half as opposed to Iberostar). I would go back again.