While there is definitely construction, it hasn't affected us at all. The waterfalls, ocean noise and kids definitely cover it up for us. We're on the 12th floor facing the pool/ocean and can't hear the construction at all. We've been here a week.
Occasionally, we'll hear a beeping from the construction zone, but that's it. I definitely have thought the cabanas wouldn't be worth it right now, but it isn't busy, so we've had no problems finding the chairs/umbrellas we need on the beach.
We're in Ewa, the other tower is definitely closed. We asked and it's due to trying to keep guests consolidated and away from the construction.
The bridge area (kids play area) is still closed, it was supposed to open yesterday, but hasn't been yet. Both water slides are open.
I really, really wouldn't stress about the construction. If you've not been here before, it's hardly noticeable. It hasn't bothered us a bit. We thought the grills being closed would be a problem,but once we saw how far they are from the villas, we realized they wouldn't have been so convenient anyway.
We ate at AmaAma last night and it was after dark, so the fact there is construction at the edge of the restaurant wasn't noticeable either, it was just dark there. We liked the food there by the way.
It is beautiful here, the weather is fantastic and there is a lot to do (and we don't even have our kids with us). If you stress about the construction you'll probably notice it, but I promise that as of right now it's not a problem.
Headed out to the beach for the rest of the day but I'll try to check back in later tonight if you have questions. Can't get the DISboards app to work on my iPad, so that slows things down....