I have a stay booked at Lighthouse Point... and I'm quite excited. I've heard a lot of great things. The place can comfortably hold 5, or 6 a little less comfortably, so I've heard. But when you're going to CP it really isn't so important to stay at a luxury hotel. But, even when I stayed with three other people in an expensive Manhattan hotel I needed an air mattress, so, don't expect TOO much.
Lighthouse Point is definately an expensive option, not budget friendly, but you DO get quite a few perks. Firstly, you get early entrance, just as every CP-owned hotel. After doing early entrance, it just seems inferior not to go in early (you could get a season pass with Joe Cool club too, but... that doesn't always make sense). So, basically the advantages of LHP are... All the cabins and cottages have a microwave, fridge, and grill. (Some Breakers rooms have microwaves and fridges.) A lot of people like to make their own food when they go, because its cheap and easy. Of course, you could eat at the Point also. They also have a lot of space, made up of a kitchenette, two bedrooms (each with a TV... if that really matters), bathroom, and a deck. The cabin decks are not too much to get excited over, as they are only facing a manmade pond. What a lot of people REALLY like are the decks on the cottages, which face over Lake Erie.
I've heard a LOT of great stuff about Lighthouse Point, so I'll be going there this summer to check it out.
I HAVE been to Breakers, and I loved it. I requested a dragster view, which is just breathtaking. From there, I could see nearly the whole park. MF, TTD, Magnum, Power Tower, etc. I loved it. We had the TV in the room, but I had a lot better time watching the coasters test in the morning and looking at all the lights at night. The room had a fridge, which doesn't really matter too much, but plenty of people like that in their room. It's a place definately worth staying in. Basically it's an average-quality room with an amazing location and a great benefit.
Any way you stay, it's really about the park.