I just stopped in there a few weeks ago while on vacation and checked out the rooms as well as the resorts.
Coconut Palms II is the nicer and larger resort. It has two outdoor pools, one of them is heated and is directly on the ocean. There are two buildings, the newest larger one and then there is an older smaller one beside it. I went into the newer building and found the units to be very, very nice! They were very bright and colorful, all had balconies, and were clean and comfortable. I did not go into a model unit either, I just walked in and they to me through a vacant unit. I have placed this on my "definate will stay at list".
Coconut Palms I is smaller and older and is referred to as "fishtail". Not so impressed with the units.
When I find the notes I took, I'll post more. In the meantime, look at my thread last month regarding my takes on the New Smyrna Beach Resorts (I also did one for Daytona Beach).
Hope this helps.