We stayed at Bananarama 4 nights. For us it was a destination in itself having already spent 10 days exploring Big Island (from the Kona side and Volcano). And loved our little home surrounded by banana plants and the different (non tourist) feel to this part of the island.
That said you can use it as a base for Volcano National Park, Hilo, cycling/hiking to the lava viewing area, snorkeling tide pools and other activities over this way. Rob and Bob have put a helpful information pack in the cottage of what to see and do from here.
If you want something a little different and explore what this part of the island is about then staying at Bananarama is right for you.
NB you will definitely need a car as stores etc are a drive away.