Rooms/Hotel: The rooms are nicely designed and spacious and there is a good large balcony area to chill.
Restaurant/Bar: The restaurant / bar has a good vibe and surfer theme and is a decent place to have a drink. The one dinner we had there was fantastic - something like a fish casado meal if I remember. The complimentary breakfast is scant - a pile of toast and some fruit and coffee, but how can you complain? Although the food was good we ate at another restaurant a block away most of the time since there was a bigger menu and there seemed to be more happening, and the service was better. The restaurant / bar area at Cafe Playa Negra is nice, but we didn't have the best vibe from the employees - they were certainly helpful but seemed a bit indifferent towards us.
Location: The "town" near Playa Negra consists of a few small hotels and restaurants, shops, homes and a tiny market along a dusty dirt road. It feels pretty remote, which can be a cool thing. The walk to the beach from Playa Negra is about 8-10 minutes down that dusty (in the dry season) dirt road. Seems like most other people in the hotel had cars and they drove to the beach from there. Saw a lot of other people on ATV's or bicycles.
Final analysis: It's a great place to stay room and food wise, and probably a great place to hang out for drinks and food if you happen to have good connection with the folks running the place - maybe if you are a surfer.