Loved the space, the cleanliness, the amenities provided. The kitchen had everything you could need. The living room and dining room were nicely furnished, spacious and clean. There is Netflix (in Spanish, of course), and gorgeous big windows over a pretty garden. We loved the hammocks in the garden as well. Also loved the terrace--spectacular sunrise with bird chorus!
Some points to note: it's useful to have at least rudimentary Spanish to speak with management, although Ana, the owner, is very accessible by phone. Also: there is a gorgeous master bedroom upstairs, but it is situated in a way that the stairs are accessible through the terrace. Fine for us as we have older children, but if you are traveling with little ones, you may want to use the downstairs bedrooms.
Re the lakefront: When we arrived, I was taken aback as I had expected the property to be directly on the lake. It is not; rather, it is across the road. You'll have the houses, a gate, and then a narrow road, then a strip of land where kids play soccer, people sell snacks, there are stalls... and then a dock and boats bobbing in the water. This made it ideal for hiring a boat for a day literally from outside the gate! I wouldn't say a walk to downtown Panajachel is convenient (esp at night), but taking a tuktuk was easy and a short ride. It was convenient, well situated and beautiful, but don't expect unobstructed and expansive lake views or direct lake access. Also: I felt safe and secure the whole time.