Let me say that I am an experienced traveler and pretty familiar with PV - been there 5 times. That's my way of saying that I can be pretty fair and objective.

The Sheraton is not worth staying in unless you get a great deal. Which we did. Our folks stayed in the regular hotel ($100 a night including taxes) and we upgraded to the timeshare for ~$160 including taxes.

Accomodations: The only good thing to say is that all rooms face the water. The rooms are passable. If you like stucco and concrete walls, enjoy. The furniture is pretty low-end and the decor non-existent. And they are small. This was a Sheraton? A Days Inn is nicer.

The timeshare rocked because of the kitchenette, the balconies, free gym, and the washers/dryers. Also, you are far away from the noisier parts of the hotel.

Hotel layout and Amenities: Mixed. The beach is rocky not sandy. Nobody goes on it. There are two nice pools with plenty of chairs.
Unlike other hotels, the music was not too intrusive.
Also, the vendors did not come on to the property, which meant minimal hassles.
Wireless Internet for $12 a day was pretty weak reception. Or $10 an hour in their internet cafe. Better to leave the hotel and walk 5 minutes to an internet cafe where it's $1.50 an hour.

Service: Nobody who works here smiles. They must not like the place too much either.
They messed up our reservations pretty badly, and kept messing them up. We were convinced that everyone who worked there was someody's niece or nephew. Nice folks but pretty dumb. And not service oriented. For example, we showed up at 6pm just as the bar was closing. The bartenders would not serve us.

Restaurants: over priced and bad food. And they take forever. Our first night we ate at the hotel and there was just one other table. Took forever to get served. And they kept making mistakes, forgetting things, and never checking in. And if you love $18 hamburgers, you should eat at the pool. Otherwise, stay away.

Convenience to town: This was supposed to be a selling point. Wrong. You really aren't walking distance to downtown. Unless you like to walk 30 minutes in the heat in sandals. The bus is fast and cheap and convenient, but an extra few minutes and we could have been staying south or north at better hotels. It isn't like a quick stroll to restaurants. Every place you want to eat in is near the river, and that's a hike from the Sheraton.

Using the kitchenette was great. The Mega is maybe a 5 minute walk. It's a cross between a Target and a supermarket. We soaked the fruit and veggies in iodine and never got sick.

The hotel is family friendly, and that was a big plus.

I would stay again only because of the price and availability of the time-shares (the 2 room suite with kitchenette). Otherwise, there are better places.