We went to Hawaii in October of 2006.
We stayed on Oahu only as our kids were young (6 and 4) and we didn't want to fuss with Island hopping since you have to do the whole get there early security ordeal.
We stayed at Hilton Hawaiian Village on Amex points. It was a nice hotel.
We also stayed at a condo--that you could see the fireworks at Hilton (which btw are free after they do their free luau show).
It was very nice and updated though when we cooked something--it really permeated the hallway. However I was pregnant and I probably was just extra sensitive.
One thing we bought before we left was an entertainment book. For the time of year we went, it was really cheap.
My family used coupons for the submarine tours (I forget the company, but it docks at the Hilton).
One things my kids enjoyed was the Water Park on Oahu (on a map it is to the left of Waikiki but no idea if it is N, E, W, or S). Coupons in the entertainment book for that!
My kids would love to go again.
My dd's birthday was while we were there, so after the water park, we went to Chuck E Cheese. (She just turned 4, what does she know
).
My morning sickness was still pretty bad when we went so I didn't get to enjoy all the food as much as I would have liked. There was a diner we had wanted to try, but I just couldn't get my butt moving to go there.
My kids enjoyed the Arizona Memorial (okay--so maybe they enjoyed the boat ride and nothing else).
We went on the USS Missouri which does cost money, but it was very fascinating. I think we had a coupon for that as well. And they had some kind of stamp/hunt thing for the kids to keep them entertained. So my husband took the kids around for that.
The flea market at Aloha Stadium is okay--for shopping deals. But this was my 2nd time (I had gone in 2004 for my sisters wedding). It seemed that some of the "deals" could easily be had in town.
We did the luau at Paradise Cove I believe. Evidently from what we have read, Oahu isn't the best of luau's, but Paradise cove was the best (with alcohol).
My children LOVED LOVED LOVED LOVED the Polynesian Cultural Center. Again, I think they had some treasure hunt or something to keep the kids interested (and all sorts of activities in each of the villages). B/c they received a happy meal coupon that we used in the McDonalds drive through that was nearby.
My kids had an extremely difficult time with the time change. I noticed this when I went with my younger daughter in 2004.
So I made sure to get a flight that arrived about an hour or more before sunset (to give us time to get to the hotel so that I could keep them awake as long as possible. A ride in a car in the dark would have had them OUT!)
And we did our best to keep them awake, but didn't freak when they fell asleep at dinners or shows.
There is a hotel that has a restaurant with a HUGE aquarium. We did this on our last morning for breakfast--and they had THE best breakfast buffet of all the places we went.
We also went to the North Shore (but didn't swim or anything as it was rainy and the waves were kinda big, but not Winter big).
We did the Dole Pineapple plantation and rode the train. DH took the kids in the maze (took too long he said.
).
DH took the oldest to climb Diamond head (I did it on the last trip and due to a pregnancy complication I wasn't able to do it this trip.)
We had really really really wanted to island hop to the big island to see the volcano's, but from our research--I coudln't do it b/c I was pregnant.
I want to go back--but honestly after a net total of 18 vacation days on Oahu--I won't be staying too long in Oahu if at all if I go back. But it is a must do for first timers, even if it is just a day or two added to your trip to hit the highlights.
It seems that is the "tourist" island, but things such as vegetation and waterfalls and even volcanos seem to be more on the other islands.
We flew on FF miles and were able to get a flight from MCO to Atlanta to Oahu. Since we were four--and our plane seats were set up 2-4-2, we did two rows of two. We sat on the right side of plane so that we could see the approach to Oahu.
(in my experience, the planes come in and then do a bank U-turn to land on the airstrip.)
We stayed at the Sheraton Moana Surfrider on Waikiki Beach and the views and service were marvelous! We were a stones-throw away from Diamond Head. We also visited Kauai and loved that island as well. Rent a car and drive around the island of Oahu; there is much to see and do outside of Waikiki! We are looking forward to staying at the WDW DVC property one day! 
Been their twice, one was through a timeshare exchange, second time was combination of free nights, cash and Marriott timeshare promotion. Not sure if any reputable timeshare promotions would be available but it was a good deal.
