I have stayed at Reef House three times. The first two times were under the previous owner, and I had great experiences there. The last time was in January, 2011, under the new ownership, and I will not go back there. HotTuna might want to read my review for more details.
As for Roatan in general, I have been there maybe a dozen times since 1992, and over the two decades I think the deterioration of the reefs and reef life has been dramatic. I don't expect to go back there; there is better diving at equally acccessible Caribbean locations.
As for other resorts, the only other bad experience I have had on Roatan was at the Inn of Last Resort, which deserves its name. I posted a review here in May, 2006.