I happened to stay at Mediterranean Beach Hotel in August 2005.
It was a very bad experience: first of all the hotel is an airport hotel,
noisy and in front of a poor beach.
Most of all, I had booked on line, and the hotel manager told me the quoted price was a mistake, and that I had to pay a supplement; it was late evening, I was in the middle of nowhere, so I agreed to pay the supplement.
The room was hot, old fashioned, and definitely below what you would expect from a four star hotel.
Definitely, a tourist trap.

This hotel is located just near the airport, not in Kamari Beach and not with Caldera view. However, the quality, the service and expecially the bungalows are excellent. Athmosphere in the evening is cool and you're just on the beach. During the day you have to rent a scooter, but also if you're in other places because Santorini has to be visited.
The sea is not beautiful, sand is dark, so, you can swim in the large swimming pool or you can take sun.
If you don't want to spend a lot in the hotel restaurant there's a nice french restaurant just near the hotel, on the beach.
All I tell and also my vote are based on the fact I spent 100 € B&B. For 200 € it's a bit expensive.

This hotel is near the airport, which is great. When you arrive and when you leave, its about five minutes to and from the terminal. The airport is not JFK. There are about three flights a day.

What is great about this hotel is that it is secluded from all others, is away from the hustle and bustle of tourist overloaded Fira and Oia, and has a nice beach restaurant in the evening.

The rooms are very spacious, clean and funished in an old antique stlye. Everything works and any problems are quickly dealt with. There is a well stocked supermarket 100 metres up the road if you want to get snacks and souvernirs.

The beach, although not fantastic, is still probably the best one on the island.

The hotel has a regularl minibus to take you to Fira, a journey of about 5 minutes. I have been to this hotel again and again (and I´m pretty fussy).

The hotel is on the beach of Kamari. However, this beach is very long.
The hotel is 2.5 km from Kamari village and the nice, full-of-tavernas-and-shops part of Kamari beach. With 2 small kids you can't walk to Kamari village; I also expect it to be difficult if there are 30 degrees (C) outside; a taxi was about 6-7 euro. There are tavernas where you can eat very close to the hotel.

I was there off-season, end of May. There were not too many airplanes and even when there were the noise was not that bad. The view from the pool is magnificent. You can see the mountain; turn 180 degrees and see the Sea with Anafi island in the distance. The pool is excellent; I would dare to say that it is not a 50m pool but is more than 25 anyway and it is enough for a vacation :); besides, they have a kid's pool with a kiddies zone and my kids loved those.

The room was very clean and was kept clean for the whole vacation, despite us leaving our stuff all around the room. They were very prompt whenever we had a request. They were very nice to give us a room upgrade at the same price as the basic. But, they ran out of cars on a cloudy day and the company that they worked with gave us an incredible high price; we didn't have time to shop around so we had to take it; so if you want to rent, book from the hotel before hand.

The other thing I could say I was not happy with was the ride to the airport; our plane was due to take off at 6:45 am; they told us that we have to call a taxi; they actually called for us the night before; the taxi was about 15-20 minutes late; it charged us 9 euros (the airport is 1.5 km away); I wouldn't care for a 9 euro good-bye ride but the 15 minutes delay was a lot; I didn't understand why they did not use the hotel van.

The location in the middle of the island makes it very convenient if you want to visit the island (and I recommend you do this). Would I go there again if in Santorini? I would, but I would stay longer :)