We'd booked a flat with lake view, and wow! Did it ever deliver! The flat itself was a bit run-down, but the view could not be beat, and more than made up for it.
We made good use of the restaurant next door - they had a great breakfast spread, and a cozy bar with good food (best chicken tikka pizza I've ever had!), a great view and really amazing service.
Oasis Beach Motel is located along a part of Lake Taupo where the beach is more stone than sand, so not entirely conductive for swimming, but it's right next to the promenade that takes you all the way down to the boat harbour, with several swimming options along the way.