Four Diamonds??? Not in my book!
Pros: Water Park was really fun for the kids, easy trip from the airport, beautiful grounds 
Cons: Rooms are very dated; most of the food options on-site are terrible, service is bad.
We (my wife and two girls 7&3 along with my parents) stayed for a week from 3/20 to 3/27. We stayed in room 528 of the Camelback section. Our room was facing out over the water park, which was nice. Very easy access to the water park and our own more quiet pool and hot tub in that section. With the patio door closed the noise from the water park is minimal.
Check-in was a breeze and the bell man led us to our area in the parking lot with his golf cart. We parked and he brought all of our luggage up to the room and was very helpful and would not leave our room until he had answered every question that we had. Unfortunately, this was the high point of the service at the resort. We arrived around 11:00 AM so we were lucky that 1 of our 2 rooms was ready. After dropping off our bags we headed back to the lobby restaurant for lunch. We wanted to eat outside and as a party of 6 this required the hostess sliding two tables together to accommodate us. She was very put out by this request and didn't hesitate to make this very obvious to us. Lunch was actually pretty good and the view of the golf course from the patio is very nice. Unfortunately this was the best meal we would eat at any of the resort restaurants.
More on the rooms. Think Embassy Suites for the typical room type at the Arizona Grand. Separate living room and bedroom with one bathroom. The girls slept on the pullout sofa bed in the living room. As many other reviews have stated, the TV's are the old picture tube monsters, not a huge deal but not 4 diamonds. The carpet in our room was stained and looked old and tired. A fridge would have been very nice, but instead we had lots of wasted space with a mini-bar area under the sink in the living room. The bed was fine, but nothing special. The balcony was very small and became the place we put wet swimming suites to dry rather than a nice place to have coffee in the morning. Speaking of coffee our room was not restocked with coffee when we arrived nor did it have a cork screw (my parent’s room had both). We had to call down to get blankets for the sofa bed and the room did not have robes hanging in the armoire closet. Again, not 4 stars. After our first night, housekeeping failed to replenish the soaps, shampoo and toilet paper. We had to call to get it and even that required two phone calls.
Food
Lobby restaurant was fine, but rather expensive for what you got. Lunch for 5 (youngest daughter wasn't hungry) with 1 beer for each of the four adults was $120. Lobby gift shop/proshop/coffee shop was nice; they served Starbucks coffee at a modest markup from the original. Look at the food prices before purchasing, picked up a yogurt parfait for my daughters one morning but put it back when the cashier told me it was $8.50, are you kidding me? Another peeve of mine is the lack of queue management in the coffee shop. Regardless of what you order you wait in a very linear line based on when you ordered. So if you ordered two cups of coffee like me, you wait in line behind the 7 espresso based drinks that were ordering in front of you. I fail to see any logic in that at all. 
Aunt Chiladas, simply stated, DO NOT GO. Worst Mexican food I have every eaten, not to mention all the ducks that are wandering from table to table begging for food. Yes you just read that correctly, ducks wandering around the outside seating. To make it worse my wife and father in law were both puking in the 12 hours that followed that meal. 
Rustlers Rooste, tourist trap with great views. The views of Phoenix from the patio are outstanding. The slide and balloon guy for the kids are a nice touch. The food was average at best. Had a bone in rib eye that was maybe 1/2 thick and riddled with fat, not marbling just big areas of fat. Better cuts of meat can be found at the local grocery store for certain. 
Water Park
Kids really enjoyed it but I question the maintenance. I believe they are a bit too heavy handed with the chemicals in the pools. Both of our kids had reactions to the pool chemicals. Aside from that I had to pull them both out of the 25 person hot tub as I was being overcome by the smell of what seemed like chlorine but smelled more like ammonia. Right after we got out I saw another kid get out of the tub and puke in the bushes, several others were rubbing their eyes. I reported this to the staff in the water park gift shop/gate house and they really didn't seem to care. The pools are heated which was nice and the lazy river was pretty enjoyable. The nightly movies on the big screen in the pool was also pretty cool, the kids or adults for that matter can float around in the pool in tubes and watch the movie.
Golf
Front nine is completely forgettable. The back nine is much better and the final 5-6 holes are really good and very scenic. Probably overpriced at $102 (resort guest rate) but it was onsite and a 2 minute walk from our room.
Hiking
The hiking onsite in the South Mountain trails is very fun. Not that difficult, as our 7 year old loved it and wanted to do more but it was too much for our 3 year old, she spent most of the timing riding on my shoulders, which made it a nice workout for me.
General
This place has potential but the rooms need a makeover, the service needs to be much better and they need to keep the place in better shape. The hall ways are very dark at night and I actually saw some dirty room service trays sit in the outdoor corridors for 12-18 hours, which unfortunately allows the birds and other critters to get at them and really make a mess of things. Would I go back? No, not unless someone sinks 7 figures into a renovation.