I stayed at Fantasy Island 8/13/11 - 8/20/11.
Based on the more recent reviews on Tripadviser I was not expecting a lot.
My room was clean and nicer than I expected from the reviews. Large selection of channels on the TV (but apparently no remote control). They left a pitcher of drinking water in the room every day. I did not have hot water until the last couple days so my showers tended to be pretty quick. The view from the room was excellent I and did see them fogging for insects along the beach. My group was assigned to the 200 series rooms which were as far from the dive shop as possible. I think the 300-400 rooms are much closer. No wi-fi signal in the room at all. They were having problems with the internet connection to the wi-fi in the lobby. They did allow us to use the computer behind the front desk to check flights, weather, etc. They apparently installed new electronic locks on the doors to the rooms and had a small problem that we had to have our keys reset each day.
They had a new manager that started there a few days before we arrived. She was on-site from around 7 AM and I usually saw her there until 8 or 9 at night. She was always asking us how everything was and what we thought of the food. I think she is trying to upgrade the place. They had a lot of people tending to the grounds around the facilities. There was a funky smell just outside the lobby as you started walking toward the room. Not sure what that was about.
We enjoyed watching all the animal life on the property (the monkeys are really fun to watch).
The food was ok. Nothing to write home about but we could always find something that was decent and filling. If it were a stand alone restaurant I would never drive there for a meal, but as part of the resort it was satisfactory. They did seem to have problems with the A/C in the dining room the first couple days but that seemed to be corrected towards the end of our stay. The all-inclusive package included beer (Sala Vida and Imperial), red or white wine, rum, taquila, Gin, creme de menthe and Vodka. They also had a couple "umbrella" drinks on the all-inclusive menu. I really like the beer. Both local Honduran made. The bar was open until about 10 PM.
The dive operation was good. They had 2 new large boats that had room for 40 tanks (so 20 diver capacity). They also had several medium sized older boats that they were not running due to the small number of divers. The resort was almost empty so there were usually 5 divers on the boat and a max of 8. They have a locker room that is locked up every night so you can leave your gear. Inside the locker room are several open shelving units with room to hang your wet suit and store your gear, but no individual locks. We paid for a nitrox upgrade and we usually got a 30% mix. They had 3 or 4 O2 testers available before the boat leaves the dock so you could check your mix.
The dive sites are close so our longest boat ride was 20 minutes. They run a single tank dive at 9 am. The boat comes back to the dock and you have time to use the restroom and grab a snack. The boat leaves again at 11 for another single tank dive. It gets back in time for you to grab lunch and take a quick nap. It goes out again at 2:30. For the night dive it leaves at 6 pm. They always had fresh fruit on the boat that was sliced and ready to go when you come up from your first dive.
The dive master and boat captain were very friendly and knowledgeable. We had the same 2 guys every day. My only complaint was that we may have spent a little too much time lion fish hunting (although there were a couple guys on the boat that really enjoyed it wanted to hunt every dive).
The shore diving is really a boat dive because the dive site is on the opposite side of the resort. They take you by boat, drop you off over the wreck that is just between the resort and cocoview. You can either swim back to shore and leave your tanks or they will pick you up at a prearranged time. The diving is great. All wall dives with a ton of animal life. Some of the best reef structure that I've seen. We were able to do 19 dives in 6 days.
Would I go back. Yes and no. There are other places on the Island to try but if the price was right I would not have any problems staying there again.