Panoramic Room
We stayed at the Intercontinental Tahiti twice (with a stay in Moorea in between.) On our first stay, we were in a panoramic room. These are part of the main hotel-room complex, but they are recently refurbished and cost the same as the motu overwater bungalows. The rooms are of a high standard and are very spacious, with a great view from the balcony.
Overwater Bungalows
For our second stay, we had booked into a motu overwater bungalow. The resort is starting to refurbish these rooms, but we were in one of the rooms not yet given the extra TLC. The room was a little disappointing, although the views of Moorea from the deck at the front were great. However, the air-conditioning unit in the room was making the noise of a jumbo jet, so after a night of very little sleep, the hotel kindly upgraded us to the much more expensive lagoon overwater bungalow. This was much bigger, very modern, and altogether more luxurious.
Staff
The resort staff was exceptional throughout, and the problems we had (namely, the faulty air-conditioning unit) were resolved quickly and without fuss. We were really impressed by the service received.
Overall
My one piece of advice would be not to bother with the motu bungalows—stick to the panoramic room or go for the lagoon overwater bungalow.