The Waterfront is a lovely place, and I can understand that it attracts many positive reviews. However, I think it is important to note that it is ideal for a certain type of holidaymaker, and may not suit everyone. I'm not sure, overall, that it's TA rating reflects that.
If you are a returner to Thailand, looking for somewhere that is effectively a "home from home", where you plan to do very little except lie in the sun, dip yourself in the pool and chat to fellow guests, then I agree that the Waterfront is the perfect place to do it. Ideal location very close to Fishermens' Village and access to many restaurants and bars.
However, this property is very basic, and absolutely lacks any elegance or style. The "beach view bungalows" are effectively portacabins, and quite small, and the pool is functional rather than inviting. I have some sympathy with the reviews which suggest the hotel is reminscent of an English seaside holiday camp! If you've never visited Thailand before, or are looking for somewhere that is decorated or landscaped in the Thai style, there are many other charming and better value properties in the vicinity. For me, that's part of the attraction of Samui, and several beachfront hotels in and around Bophut do this so well. The Waterfront is clean but has no charm.
I cannot criticise the Waterfront, or its owners, because they do not try to be something they are not, and clearly take great trouble to look after their guests. But I do think all of the rave reviews ought to be balanced with something that makes it clear that if you don't fit into the mould of their "typical" guests, then I'd consider looking elsewhere. For instance, the Peace Resort, Baan Bophut and Saboey are all comparable prices (or were when we booked) and are much more attractive.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC