We (couple, 47/56, german) had an 11 days stay in January 07 at the Wanaburee Resort, Khao Lak.

The resort reopened in December 06 and was almost completed when we arrived. Some finishing work only was in progress with the walkways and the interior of some villas/rooms, which was overall not disturbing.
Positive: the buildings/villas are spreaded on the premises and are not so close packed as usual in that area. The design is very nice, close to elegant.
Negative: the well designed resort has been built up with an obviously low budget: cheap materials worked up really sloppy.
You can hear a little bit of traffic noise from the road just behind the resort but it didn't affect us. Exception: when the watertrucks are roaring up the hill in the early morning hours you have a nice wake up call.
Be careful if you have to use stairs, especially in the dark. There are unsafe stairways everywhere. E.g. the stairs up to our villa where every stairstep was different from each other: we discussed many times the question "Who designed this stair? Was it Dali or Picasso?"

We stayed in a beachfront villa (Rendezvous, No.1). There is the resort's beachfront swimming pool only between the villa and the sea. Which was nice for us as there were a few guests only in the resort and we had the feeling of our private pool. This will change for sure when the number of guests increase and will change dramatically when the first families with small children will check in. No.1 would not be longer recommendable, better: 3, 4, 5. They are really nice and just a step from the beach.
The villa's terrace and room is indeed spacious, the outdoor shower is ok but the indoor washbasin (with the poor lightened mirror) is really small and the storage corner for clothes is inacceptable small (these negatives do not apply for the 2 even larger (and more expensive) Casuarina Villas).

The staff was always very friendly and tried to give their very best any time – which was not so much at the end. The staff was definitifely still in training mode: very friendly, very shy, no selfconfidence, with mostly poor english, some with no english. But we think they are aware and working on this.

We felt the room rates too expensive for the start up situation. But the management was not flexible. (We bought 5 nights from Germany via travel agent and extended our stay for another 6 nights direct with the resort. The room rate for the extension had to be accepted with a plus of 13% !)

Summary: small and nice resort with some improvements necessary. Recommendable for couples and honeymooners. At the moment not so recommendable for families with small children.