From what we could tell, South Waters was not that different from most of the places available in Placencia. The cabanas are pretty basic, location was good. The beach in front of the cabanas is actually the docks of the Moorings, which charters sailboats, so not ideal for sunning or swimming. We went to a stretch of beach about a 10 minute walk away instead. The kitchenette is not much to speak of, just a small fridge, microwave and percolator: No stove/hot plate, sink, table, eating area or kettle. The cabanas are definitely not luxurious, but not too bad. Reasonably clean, but tonnes of ants and bugs, even geckos. That probably isn't much different from anywhere else, considering all windows only have screens and shutters and there's a gap under the door.
The noise from the Crow's Nest is almost non-existent, the bar shuts down around 10 or 10:30 most nights, and there weren't more than a handful of people there at any point anyway. We ate there a few times, and while the prices are a few dollars higher than most other restaurants in Placencia, we had one really good meal (Island-style fish in coconut milk was delicious) and a few so-so ones there. The BIG plus was that the resort has its own generator, and from what we heard, we were one of the only places that had power during the constant power outages. Keep in mind, when the power goes out, the whole town shuts down and there isn't much you can do.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC