I see some comments here about the overbuilt timeshare market in Hawaii. Living in Orlando I'd be willing to bet that its just as "overbuilt".
But attractions at Orlando keep on growing. Plans to double the size of Universal were just announced, for example. Hawaii's beaches are not growing. Also, Disney owns their whole property and can give incentives to people who stay there.
It is a unique thing to stay right next to Cinderella's castle. That is not nearly the same case for stating on the beach front in Hawaii. Personally, I think the beach front is more special, but with more places offering the opportunity, it is easier for it to be overbuilt.