I stayed at Coconut Bay for 8 nights and loved it. The resort was only at like a third capacity because it was hurricane season, so that was great.
When FI and I went there, we were just looking for a relaxing getaway and that's exactly what we got. We hung out by the swimbar and the pool mostly. =) Had we gone during peak season though, the place probably would've been overwhelmed with kids which we would not have liked.
Here are some positives: Affordable, near the airport, comfortable rooms, super friendly staff, great Kids Club, adults can use the water slides!, food was good, drinks were not watered down, breakfast buffet had everything you wanted, great pools, beautiful grounds, beach party buffets on Tuesdays and Saturdays were yummy (try the pumpkin bisque!).
Some negatives: Beach has a lot of seaweed but it's cleared daily, isolated location, only two "nicer restaurants" (Silk-Asian and Bellagio-Italian, but there is also a main buffet and a 24 hour grill...I loved the grill!), the showers annoyed me but I'm trying to remember why.
The resort has two sides: one for families, one for adults. There is an adult only pool so guests can get away from kids if they want to. We never had a problem getting chairs or anything like that, but like I said before, we went off-season.
We arrived a day after a wedding there, so the guests were still around. Everyone looked to be having a great time. We went on an excursion at the same time as them and it was a lot of fun (the all day island tour).
Something to note...while the northern end is the more lively part of the island, the southwestern end, Soufriere, is where all of the tourist attractions are - the drive-in volcano, botanical gardens, diamond waterfall, etc. You're actually closer to those things by staying at Coconut Bay.
I'm not trying to sway you one way or another, just trying to give you honest answers! I would show you my pictures, but my camera got stolen while going through customs in Puerto Rico. Don't be stupid like me and make sure it's in your carry on! If you have any more questions about the place, just let me know!