What are the reviews for the Reefs at Grand Cayman? It looks like a nice beach but the rooms look a little dated. Has it been well maintained? Is the distance from the "main" area an issue? We plan to rent a car, but I don't want to spend most of my day driving to and from.

The Reef is located in the East End. It is a 45 minute drive from the airport and Georgetown It is even further from Seven Mile Beach which is the main center of action. It is a good location if you want a quiet area for your vacation. It is also a good area for snorkeling. The restaurants in the East End are lacking compared to Seven Mile Beach and Georgetown. The beach is not as good as Seven Mile Beach.
The units may be dated because the resort is due for a big upgrade when it will join the Wyndham chain in 2015.

Thanks for the info. I would really have to think if I want to be 45 minutes away.

You have have the best of both worlds if you want peace & quiet, but be close to the action. Just look at the northern end of Seven Mile Beach. It's quiet, great beach, great snorkeling, and very close to the action.

what a shame that the reef has been bought by wyndham. it will be ruined

I had been there on an expedition with Dipndive.com. A wonderful adventure and a good place to snorkel.
A 45 minutes drive it ain't that much considering that one can have a great time there.
Usually, when I decide to go somewhere, I look for places less crowded.
It is true, accommodation and services are a plus, but one can settle just fine with less then 5*.