We stayed at Le Meridien Bora Bora in November 2004, which was a privately owned, licensee of the hotel chain. It is on a motu, which is one of the small sandbar like-islands that make up the ring that forms Bora Bora's famous lagoon (it also generally keeps the Sharks out.) I highly recommend the Meridien as some of the other hotels are on the main island and are also a little bit old. We stayed in an over-water bungalow that has spiral staircases that walk you right into the lagoon. We also got the canoe delivered Polynesian breakfast, and had a glass bottomed floor so my wife and I could wave at each other from underneath the bungalow. No pictures or words do the place justice. The hotel had the best creme brulee I have ever had (must be the vanilla) and a variety of things to do at the resort. The boat ride from the airport itself was an adventure, too. Also, take the sail-canoe tour at Sunset with Franck.
Everybody goes to Bloody Mary's which is the famous restaurant on the island. Seafood and all else was awesome. The dining room is like a bunch of tables set up in an indoor beach.
Be wary of sunburn, you would think because of the purity of Polynesian environment that the Sun wouldn't burn you...my dark skin literally can not burn in Hawaii...but it sure did in Bora Bora and made for a slightly uncomfortable trip that would have been perfect otherwise.
Also, the best advice I ever received and didn't follow, was to cut my trip short on Tahiti, to extend on Bora Bora. Don't make the same mistake I did. You only need one or two days max on Tahiti for Pearl Shopping etc.