You can scarcely beat this location for the price.
If you want to surf, the beach is RIGHT THERE!--the shop, one block up, towards bch, on left side, best rental price, (though you should always negotiate a better price whenever/wherever you can.)
Wanna shop, within walking distance too--Royal Hawaiian Shopping Center, duty-free, and (farther away) Ala Moana-but the 8 or 42 Bus can get you there.--
Or walk to any fancy hotel to have a drink at their bar.--have cheap drinks: $3 beers and $4 mai tais at Wailana Coffee House.--
I wouldn't recommend this place for more than a day or two. And I wouldn't recommend this stay if you want to experience Hawaii, but rather just get the feel of Waikiki. Want a comfortable stay, stay in a hotel. This is just a place to hang your hat and go have fun. It's skimpy on the space and privacy. And you really may miss the comforts of home.
As for the tour, she drives you around the entire perimeter of the island and you get opportunities to snap some amazing photos, but you never get to 'soak in' what each stop has to offer and she has some slightly jaded perspective on how some spots are overrated and not special. To me, all of Hawaii is special and it would have been cool to hear the history...which she doesn't provide. I would recommend renting a car, mapping out the locales you've heard of, finding them for yourself, and truly experiencing them for a greater adventure. You can take the bus too. 40 and 42 take you to Pearl Harbor (1hr20min), the 22 and 23 take you to Diamond Head(20min) and Hanauma Bay(45min).
Lynne is nice and cool and you definitely get a primo spot.