We've stayed in a private Villa (without a pool but very near the beach) in Vale do Lobo every summer for the last 3 years now, and have been generally really happy with the place - so it seems churlish perhaps to only mention the negative bits...but these might be a bit more useful than just saying how nice it all is...
Our Villa's owners are not Members of the VdL Resort any more due to their steep charges. This means that, amongst other things, if we want to use the outdoor pool complex, we have to pay "outsiders" rates, which are extortionate - last year (2007)) from memory it was £9 each / day (even if you only go for the last couple of hours there's no concession). There is a week pass available, but it's not much cheaper unless you go in every day. Our owners belong to the Barringtons Club instead, which is very good indeed, but unfortunately not within walking distance.
The Supermarket at the top of the resort is the only place on site where you can buy supplies, and again, whilst very good is quite pricey - and again, too far to walk from 80% of the properties.
The beach used to be completely open and free, but in 2006/07 the main Hotel annexed a large part of it for their exclusive (for residents) / expensive (for others) loungers & parasols. If you try and put up your own parasol anywhere nearby a nice young man will come and tell you off.

But all - in - all, it's a really nice resort.

We booked the apartment as a cheap holiday for half term and were happy with the size and cleanliness of it. There appear to be a vast range of different styles of apartments and investigation of its exact position is worth while. Ours whilst having a small plunge pool had no view whatsover, which tended to make us go out rather than relax at home.
We found the whole set up rather fake and to some extent filled with the type of Britains that I would usually try and avoid. Vale do Lobo is not for anybody who wants to experience local culture. We did though enjoy eating out and the quailty of food and service was good throughout. We would particularly recommend Xenia's restaurant which we used twice.
I played golf twice and found the Reception at Dunas Douradas very useful with good discounts at some courses.
Overall whilst it provided a clean safe environment the whole experience was rather sterile and I am not sure that we would return.

Fantastic place. We stayed in a luxury vill on the golf course. The pool was enormous as was the gated garden. We have a maid to clean every day and a pool man came every other day. We were able to eat in the garden as it had a a fantastic barbeque. The only down thing was the pool was not heated and a little too cold for us on most days.

I think this resort is perfect for everyone. I have been with my family and with an all girls party and it works for both.
The praca which is an area of cafes, restaurants and 2 or so shops. The restaurants are mostly with sea views and are stunning. The food is amazing in all, I recommend Sandbanks and La Place.
This is a golfing and tennis resort but if you like good food, safe areas for children and lovely beaches then this is for you. I think it is well worth the money.
Well done Vale Do Lobo.