This is a great place to stay. The best features include the lodge itself (grounds, gardens, rooms), and the host, Terje. We stayed in the fabulous suite which has a lake and volcano views and we also stayed in one of the larger rooms that has a view of the volcanoes. Both rooms were excellent. I think some of the smaller rooms might not have views. The gardens are beautiful and the lodge itself is a beautiful haven. Terje, the host, is Norwegian and he will give you anything you want (cold cervezas in a frosty glass, sandwiches to go, frothy limonada, tour guides, etc). The food and wine is also very good. It is not Guatemalan food but it is very good and one night we asked for Guatemalan food and we got it! Terje is an excellent host - you could not ask for a better one. If he does not have what you desire he will get it for you! And he is committed to helping the indigenous people of the area. There is also a great dog that lives at the lodge but she will not intrude or bother you.
A couple of things to be aware of: dinners are family style and require a reservation; the lodge is only accessible by boat and there is very little else in Jaibalito; the lake towns are all a bit noisy (the guatemalans love music and fire crackers; you can hear wild dogs howling), the indigenous people that live at the lake are very poor. But if you do decide to visit Atitlan, you cannot go wrong with the Vulcano Lodge. And the price is great!
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC