My 2 girlfriends and I are going to Costa Rica for the first time in mid-April. This is our Itinerary:
Day 1 : Arrive Liberia airport, and transfer to Eco Lodge located on the slopes of Lake Arenal, in beautiful rainforest with a view of the volcano. 2 nts Eco Lodge.
Day 2 : Enjoy a soft hike through the rainforest with a naturalist, kayak or canoe on Lake Coter, horseback ride or swing through the trees on a Canopy Tour (additional cost) Breakfast, lunch, dinner.
Day 3 : Arenal Volcano and Tobocon Hot Springs. Laze in warm, steamy pools and rivers running through tropical gardens at the base of an active volcano. Buffet dinner at the springs. Over night Arenal Paraiso Hotel. Breakfast, lunch and dinner.
Day 4 : Morning half day tour, Safari River Floating on Penas Blancas River. A no noise (no motor) boat ride to be in touch with monkeys, sloths, iguanas, crocodiles and exotic birds. Bring your camera! Dinner in town of Fortuna.
Day 5 : Depart to Allegro Papagyo by Occidental for last 3 nts.

Any comments or suggestions to this itinerary would be much appreciated. Especially anyone who has stayed at the EcoLodge and Allegro Papagayo. Also, any suggestions on what to do for the last 3 days would be great.

When we were researching our January CR trip, I seem to remember that Eco Lodge was a long way from volcan Arenal, and not well situated to see the side with lava flows. You will be able to see the volcano, but you might want to check into this more closely if you want a chance to see the actual lava flows at night.

But this is just from my memory.

The third night we are staying at the Arenal Paraiso Hotel, which is supposed to be at the base of the volcano. I think the first two days are more hiking, canopy, kayaking type days. Do you think $1200pp all-inclusive including food and activities is too much?

We stayed at the Arenal Paraiso in January. It is very nice and has perfect views of volcan Arenal's night time displays (assuming it's not cloudy). If you ask them to, the hotel will wake you up if Arenal starts to put on a show. The restaurant is pretty good. The pool barman makes a mean mango daquari.

Does the $1200 pp include airfare? Do you each have your own room, or do you share one room? Are the last 3 nights part of the all-inclusive deal?

The price includes airfare and all-inclusive for the last 3 nights. The three of us will be sharing one room. I assume they will bring in a cot. That's why I'm a bit concerned about the price. It only dropped $100pp even though we were sharing one room. Thanks for the advice about the Arenal Paraiso. What about the Tobacan hot springs? Are they deep? I can't swim and would hate to miss it

I don't know where you are flying in from but that sounds like an excellent price to me for air/hotel/meals/some tours. Have fun!

Sorry, can't answer your other questions -- have not been myself (yet!).