Have stayed at both hotels, and will be returning to the Caribe next summer. Both hotels are very nice and have their own appeal depending I think on the ages of your children.
We first stayed at the Caribe. We had a two room suite with 2 queen beds and tv on one side, and a living area with a fridge, microwave, sink, and tv with a pull out couch on the other. Enough privacy so that many times my daughter and I napped on one side whole my son and DH watched tv on the other without being disturbed. My only complaint is that the living area is somewhat dark since the only window is on the bedroom side. The breakfast buffet is more than adequate considering it is free, and if you don't want to go to the main lobby area for full bkfst. (which can be busy at times), each tower has a decent continental bkfst. set up right outside the elevator. My kids (ages 10 & 12) LOVED this hotel, mainly because of the pool area with a great pool slide with waterfalls, and game room. Much more an upscale type property. Reasonably priced fast food is not an option here. They have a deli which is expensive. In house restaurant is expensive too. Ponderosa is across the street, and alot of other places are within a short drive. Did pizza hut delivery to hotel when we were too exhausted to go out. Very nice, upscale, clean place, and will be staying here again next summer.
HIFS: Stayed here after Caribe a few months later because I got a better rate and heard so many good things about it (all true). About 3 blocks closer to Disney (both are very convenient and shuttle service is comparable). Very clean, 2 pools (one for adults/older children, the other is a zero entry which attracted small kids - if my kids were younger they would have LIVED here), nice bkfst. buffet which could however be VERY crowded at times. Kids suite comprised of one king bed and tv in our room, one kids room with tv and bunk beds which proved to be much too small for my kids, and a living area with a tv, micro, fridge, and sink. Felt smaller than room at Caribe, but had a bigger bathroom, a KEYLESS safe (who wants to carry that around?) and had more natural light (windows in mstr. bdrm and livingroom). Lobby area is more informal geared around younger kids (train theme), very noisy, but we did enjoy pizza hut expresss on site and the nightly buffet which was decent and fairly priced (my kids loved the food here).
Both properties are great, however being my kids are older they chose to stay at the Caribe again. Sorry so long. Hope this helps.