My wife and I stayed at the Cabana Bay Beach Resort and really enjoyed ourselves. We stayed in Sept of 2014 and the price is definitely a deal. That said one should know that there are some compromises compared to the other three onsite hotels.
My wife has a disability and this hotel only offers shuttle service to Universal. This is great and the staff is wonderful, but when using a wheelchair there is some distance. The drop off point is at the beginning of City Walk so there is a fair distance to travel to get to the parks, unlike the drop-off points for the water taxi's the other parks offer.
There is no hotel to hotel shuttle without having to go to City Walk first. Not a big deal, but again if traveling with a handicap it is not as convenient. We had wanted to go to one of the other hotels to have dinner. Cabana Bay does not have a "fancy" restaurant and I wanted to take my wife out to a special dinner. We ended up choosing not to out of inconvenience in travel times and comfort related to her disability. And there is always the City Walk restaurants, but the hotels offer some unique places. The staff at Cabana Bay did say that the shuttle issue may change in the future, I hope so at least for dinner times.
If you stay here keep in mind that the pool view rooms are nice, but a bit louder as there is music playing around the pools. Something to keep in mind if you like quiet earlier in the evening. Was not a problem for us, but if you wanted to go to bed early, ear plugs may be a good idea to bring if you sleep light.
A hint I do have for food is to remember the bowling alley. The diner downstairs is OK, but the food offered at the bowling alley is far better. We only figured this out on our second to last day there, and I wish I would have realized this from the get go. Also the bowling alley has great happy hour deals on beer. That won some points from me too.
All in all I loved this hotel. The rooms were clean, comfortable, and very cost effective. The staff were all very friendly, informative, thoughtful, and a pleasure to do business with. I would give it a four out of five, and only doc points for lack of hotel to hotel shuttle service. It is a great deal and we had a blast. Hope that helps any future travelers.