I have never stayed there myself, but I've been by it several times. The exterior is beautifully maintained. It is super close to the DTD, and OKW area of WDW (not within walking distance, but 5 minute drive to OKW.
However, I just finished planning accommodations for our November 2007 trip. I found it more economical to rent a villa down south of 192. We are getting more space, and a pool in our backyard with 7 bedrooms and 6 bathrooms for much much less than it would cost us to rent 2 of the two bedroom units at Caribe. If you like the resort type atmosphere, you might also consider renting a town home in Windsor Hills. You'd get three bedrooms and two bathrooms with a splash pool for less money than a 2 bed at Caribe and also have resort amenities like large heat pool and a club house. These villas are just as close to WDW but on the Animal Kingdom end.
...Just some food for thought.
Lisa