Just got back from Cabo where we stayed at Cerca del Cielo. I would give it 4.5 stars. If you can believe it, the Villa is better than the pictures make it look (and the pictures are top notch). The master bedroom on the top floor is by far the most luxurious room, but everyone was pretty satisfied with the other rooms - they're all nicely arranged and comfortable. Our group of course loved the pool and hot tub, and the front porch (two rockers, two lounge chairs and a big table and chairs) just a few feet from the pool was another hangout to get out of the sun. We also saw whales breaching and leaping from the pool each day, which we didn't expect and was an added bones. The beach is only a 5 minute walk from the Villa and it's spectacular. Beautiful sand, rocky bluffs and waves crashing on the shore. It's not exactly swimmable due to the waves, but some of our group cooled off in the ocean during the day. It's also a beautiful sunset walk and looking back on the Villas from the beach is lovely at night with all the Villas lit up. It doesn't get cold, but semi-cool during February at night, so the gas fire pit was a nightly hangout.
Another nice feature was the wifi, and the wifi phone which allowed us to call our families back home for free. Our concierge, Victor, was great and helped us arrange snorkeling - the snorkeling wasn't top notch, but the boat ride past the arch, seeing whales on the boat ride, hanging out at the beach in the snorkeling location (Santa Maria bay) and the free drinks were well worth it.
Note that there are maids that come in each day and spend a good deal of the day cleaning the Villa. It was nice to have the maid clean the public space each day (the kitchen mainly), and we told her that we only needed the bedrooms cleaned once during the week. Also note that the dishwasher does leak, but we put a towel down and it wasn't a big deal. Also, one of the toilets in a bedroom didn't flush and another bedrooms' shower didn't drain. The plumber was unable to fix these. In addition, there were a few cockroaches around the hot tub, in the kitchen, and in a few of the shower areas - but there weren't too many and I think this is just part of the territory. They weren't a big deal.
I do want to note that traveling to and from the airport via cab costs around $90-100 so be prepared. It's also quite doable to walk into town (30 min), so do that to save a $35 cab ride -$3 pp. Penny Lane is a great breakfast/lunch spot.