A friend and I stayed at CBI in late July. I've been to Corozal before and had always wanted to stay there. Here's a brief rundown of the CBI and Corozal in general:

You might not like Corozal (and consequently the Corozal Bay Inn) if:
--you want a lot of things to do;
--you're expecting big sandy beaches, like Ambergris Caye
--you're wanting a more touristy area like Ambergris Caye.

You might like Corozal (and Corozal Bay Inn) if:
--you're looking for a place that's got a slow pace.
--you want a place that's not touristy, and more local.
--you just want to take it easy and enjoy a slow pace for a few days.

I do like Corozal, and I'd say the Corozal Bay Inn is the nicest resort currently in the area. Boasting a man-made sand beach, very nice two-bed cabanas, and its own bar, this beachfront resort is nice, for a good price. Unlike most "resorts," there are no activities there (watersports, gym, etc.). There is a restaurant that's moderately good, but the palapa bar is excellent--lots of music, the bartender is friendly, and the drinks are good. Also, I enjoyed stepping out of my cabana at night, and just sitting down on a lawn chair on the sandy beach in front of the seawall, and listened to the ocean.

I've stayed in another place or two in Corozal, and this is my choice. In fact, when I go back to Belize in January, this is where I'll stay while in Corozal.

The downsides, if any, are these:
--the restaurant was nothing to write home about;
--I never saw them open for breakfast (for food, try Tony's Inn next door).