Just stayed at the Cayman Reef Resort for 9 nights (Dec 5th - 14th 2003) in a one-bedroom unit. It was very difficult to leave this place and we would stay there again without a doubt.
Though we did not face the ocean, we walked right out to the nice pool area. This is a great place for piece and quiet, at least in early December. Seems most people staying here are permanent residents. Some days we had the whole pool to ourselves. It wasn't fancy, but was clean and well kept. In our opinion, it represents one of the best values on Seven Mile Beach.
This did not have the best beach spot on SMB in terms of width (though it was fine) - from this resort south and especially at the Marriot there was a lot of erosion from previous hurricanes.
Easy walk to a lot of shopping and restaurants. Dining out is obviously very, very expensive here. For high-end restaurants, we recommend Bed because of its atmosphere and food (w/in walking distance too) and Eduardo's for the best Italian. Rigazzi across from the Hyatt was a decent mid to high range place, with good brick-oven pizza. To save some $$$ (in Cayman terms - meaning around $US50-$US60 dinner for 2) we recommend Lone Star. If you are in Georgetown, the view from balcony at Breezes is nice.
For SCUBA - I strongly recommend Neptune. Highly personalized service (8 diver max) - pick up and drop off at your room. Small outfit but they are great - they don't advertise like some of the others but look them up.
For the Stingray City Tour (which also included 2 other snorkeling stops and is an absolute requirement) we recommend Soto's Cruises (it was only $15 per person!). Great staff - they jump right in the water with you, some other outfits we saw out there were more expensive and weren't as personalized.
It's expensive, but if you can't Scuba or snorkel, the Atlantis submarine is a cool way to see the fish and reef - they go down to about 100 feet in the sub. We did a night dive, which we recommend.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.