I was at Sunset Waters for 10 days in 2/2006. I had a very extensive trip report on the D2D board but, unfortunately, it was lost when their servers crashed.
It's a very nice, clean, and low key resort. The beach is fairly decent with some rocky areas off to one side. The house reef is good and offers some good diving as well as snorkeling. There is a long, fairly steep path that runs from the beach up to the rooms and dining area, but you do get used to that. The food at this all-inclusive resort is actually pretty good. Most meals are buffet style, a few are served from a menu. Service can be slow at times, but no worse than most Caribbean locales. Rooms are fairly basic ... nothing fancy, but roomy and clean. Most show some obvious wear if you look close enough, but Sunset Waters does not claim to be a five, or even four, star resort.
The dive op is first rate. They will help with your gear, offer good briefings, have comfortable boats, and will get you to most sites quickly. Gear storage is in a small "cage", nothing fancy, but adequate. The DM's are very friendly and, for the most part, quite competent.
The resort is somewhat remote, and it's about a 30 minute drive into Willemstaad. They do offer a free shuttle service into town and back, which you should take advantage of, since Willemstaad is worth at least a day trip.
If you don't need all the amenities of a posh resort, and laying on the beach, eating, and diving will keep you happy, I would strongly recommend Sunset Waters. It's a well run and comfortable place to hang out and dive. I'd go back in a minute.