Some problems, but a decent experience overall
My family stayed at Caribbean Cove on Thanksgiving night during a holiday trip to see relatives. We are a married middle-aged couple and two teenage boys. 
We did not go to the waterpark, but there is a regular hotel that guests can use. This is a huge hotel, with numerous wings and a large atrium containing the pool, arcade, pool tables, and sitting areas. Breakfast is served in the St. Paul restaurant, and there is also a sports bar and considerable conference space.
Our first room included a king bed and a pull-out couch that was too small for two teenage boys. The hotel switched us to a new room, which contained two full-size beds rather than the hoped-for queen beds. Full-size beds are not large. We managed for a night in tight sleeping arrangements.
The toilet in the second room clogged, and it took the hotel staff 90 minutes to fix it. During our second visit to the front desk, it was revealed that the maintenance person was unexpectedly gone, and no one could locate a plunger anywhere. Frustrating. Fortunately, it eventually got cleared at about 11:30 pm.
Our room must have been adjacent to the HVAC system, because it was really loud in the bathroom. However, the noise was not bad in the sleeping area.
Overall, rooms are average and adequate.
Caribbean Cove is not the right choice for businesspeople or couples, or for particularly picky travelers. However, it works well for young families hitting the waterpark, or for groups holding reunions and parties in the atrium.