We had a great stay at Lokelani. The location was nice and quiet while being a short drive to some of the best beaches and snorkel spots. We loved having not one, but 2 lanais overlooking the water and spent all of our time on them when at the condo. We saw rainbows and even a couple of turtles swim by. Check-in and communication with Maui Properties was efficient and we didn't feel we were left all on our own. The other perks were definitely the A/C which we did need and the laundry in the unit. We also used the chairs and boogie boards.
The downsides were not huge, but good for people to know ahead of time. The pool is tiny and next to the parking lot, so don't plan on spending any time there unless you have little kids. The beach has washed away, so it's a little precarious to walk down the stairs into the surging water. Lastly, you do need to drive a few minutes to walk along the beach or play in the water. If someone had mobility issues, it's helpful to know that there are stairs up the condo and then the condo itself is 2 stories which was not a problem for us, but had we brought my parents, it might have been difficult.
Our favorite beach/snorkel area was Airport Beach (Kahekili Beach Park) which parking was never a problem. Honolua Bay was close by and easy to get to early.