We stayed at Villas Vallarta
3 years ago we stayed there as they were in the midst of transition into Canto del Sol.
They are on the other (not water/main street)side of Plaza Pelicanos which is basically a cobbled traffic circle. There is a small shopping plaza area below at street level and Villas Vallarta are the 2nd & 3rd floor above.
Now that it is part of Canto del Sol you have use of all their services and all-inclusive. Canto del Sol is beachside, has a nice pool set-up and a standard buffet type meal selection and another off menu restaurant. We ate at both and they were on the good side of average.
Villas Vallarta has a small rooftop pool overlooking the plaza and a tiki bar set off to one side. Both Trip Advisor and Hotels.com have fairly accurate pics.
When we arrived they upgraded us to a 1 bedroom from a studio @ no charge.
It wasn't palatial but it wasn't gross either. Minor issues of wear, slightly musty AC and more of a Mexican type feel than a lot of the big resorts. It was nice that our good sized balcony with a white plaster balastrade was pool level and we could relax on the loungers on our patio or just step over it and jump in the pool. Staff were very friendly, front desk nice and I would say we enjoyed our stay. We are out and about people, it was a place to stay at night and convenient to downtown. If we were expecting to lay around the pool all day in a fancy resort setting it would have been inadequate. Canto del Sol - which you will have use of -

is more that style.
Hope this helps your decision making.
Chris