These were the first over water bungalows built in French Polynesia and despite being a bit older than others, they are great. They do show some signs of age but that's part of their charm. We stayed at the fancier Sofitel in Bora Bora and we much preferred the Hawaiki Nui in terms of location, staff, views, amenities, and price.
Wonderful location and lots of fish in the water. The snorkeling right off the deck is good unless the water is choppy (sometimes it gets windy) but the water drops off substantially just past the bungalows so it's best closer in. It's a short trip to a private motu by boat and everything you might need is a 15 minute walk away in Uturoa (watch out for dogs along the way). Make sure to take the tour over to Taha'a that the hotel offers.
The hotel restaurant is also excellent. My wife and I are both vegetarian and they made special dishes for us. Prices were reasonable as well. The staff is nice, genuine, and very friendly.
We went to 7 different islands in FP and Raiatea was one of our favorites. Next time we visit, we will definitely be coming back to the Hawaiki Nui.