We stayed at the Sheraton Buganvillas (sp?), and it was excellent. Pretty cheap rates, access to their pool (the beaches suck in PV) and no need to pay the premium for all inclusive food and booze.
It is right on the edge of downtown/old PV/boardwalk.
We really liked it there, the food is awesome everywhere and booze is CHEAP at the convenience stores.
There are a lot of nice looking boutique places downtown that book up fast.
I also have a friend at work who's brother and mother both own a place just outside of PV in yelapa if you're interested.
www.theyelapaoasis.com
www.yatesinyelapa.com