Bonnie's place is INCREDIBLE! My wife and I just returned from Hawaii on our honeymoon and spent our first 5 amazing nights in Bonnie's condo. One thing is absolutely for certain, you CANNOT beat the view that you get in 505. We were able to watch the whales from the balcony unaided and up close with the provided telescope.
She has provided everything you need to enjoy any type of day you have planned. Beach bags, coolers, chairs... if you need it, then she has likely thought through it. The unit itself feels incredibly comfortable and like you are at home. The artwork and furniture is so perfectly suited to a condo in Hawaii that you feel like a local when staying there. We looked at the cost of hotels in the area and all of them were similar in price or MORE expensive than this rental for "garden views". You literally feel like you are ON TOP of the ocean in this place. At night you can listen to the sounds of the waves crashing literally outside of your room and during the day it feels like you're floating on the ocean.
As for location, we had a car and I would recommend taking that same approach. Lahaina is just a short drive away, where you can explore the shops and restaurants on Front Street, go whale watching with the Pacific Whale Foundation (which we would recommend) and book any other type of adventure or tour. It's also located ON Kaanapali beach, so you have many options for exploring the beach. Note however, that the beach directly in front of the condo isn't incredibly large and while we were there had the waves almost covering the entire beach area... apparently this changes based on the time of year though and it didn't both us at all.
All in all, if you can rent Bonnie's place then do it. You will not be disappointed and it is a great place to stay. We've already sent a few friends to her and our parents are planning a trip for next year.
Last thing - her communication is great. She was always just a text away if you needed anything, which we didn't because everything was provided. Thanks again Bonnie!!