This is our second time staying at the Island Colony and we love it. It isn't super posh, but you can't beat the price, the view and being only about a 10 minute walk from Waikiki Beach (or less depending on which part of the beach you go to) is awesome.
Our room was nice and basically looked just like the pictures with the exception of the view... it's even better than the pictures make it look! The beds, although small, are comfy and two people can sleep on them just fine so long as you love each other... a lot! Wifi worked great, pool and hot tub were excellent, but we didn't use the tv so we can't comment on that.
We had a couple of small issues, but nothing outrageous. The previous guest had lost one of the key fobs and told the front desk they had left it in the room. We searched high and low and could not find it. We contacted the property manager and they said they would have another fob for us the next morning, but it didn't happen. The front desk was kind to us, and gave us a swipe card so the four of us didn't have to go everywhere together. There was also an issue with the floor in the room not being very clean. It looked fairly clean to the eye, but when we removed our shoes, as they asked us to, our feet became incredibly black! On closer inspection we could see that their mop water must not have been clean enough and the whole floor was left kind of grimy. So we had to wear our flip flops in the room which kind of sucked, but whatever. You'll also notice in the bathroom that up around the shower head it appears that the ceiling is bubbling and the paint is flaking. It's simply a cosmetic problem, and when we stayed in a different room at the Island Colony it also had the same issue. I think it's simply a design flaw in how the bathrooms are constructed. Also, there was no towel rack in the bathroom or shower mat. Those two things would have been nice to have.
All in all, it's an amazing place to stay and we would love to stay there again!