My wife and four college age kids make a trip every year at Christmas to, most often, the islands or Mexico (sun). It is the best time for everyone to get together and it allows us to avoid all the headaches of Christmas!
This year PV and it was the best in the past 10 years. The Marriott was a bit dated but very nice. The restaurants in the town were tremendous and roughly half the cost of some of the Carribean restaurants.
I highly recommend Pepi's in the town area and the Argentinean restaurant at the marina nearby the Marriott Casa. I would also recommend taking a sail with 'Chuey' on one of his charters. He and his mate are first rate and less expensive than many others.
The pool area at Casa is super and the colored drinks seem to be made with 'gusto' while not over priced.
If anyone wants phone numbers or any additional restaurants just ask. By the way, the Argentinian Restaurant has a great view of the boats and the marina - some huge yachts - and could handle the larger parties.