A friend and I stayed at Punta Blanca Ocean Club in Coche for a week in February 2010. We both loved it and for me it was the best trip of my life (and first kite trip).
The resort: We had low expectations before going but were pleasantly surprised. We found the food was decent, service was good, but the staff speaks little to no english. The rooms were ok, grounds were very nice as well as the pool. The bar stops serving around 11pm which we found odd, but ok since we were dragging our asses by then from kiting all day. Not much going on here though, there was one show and in general pretty relaxed around the resort and the whole island itself.
The Kiting: Awesome! Offshore winds so you need to be able to stay upwind if you don't want to pay for rescues. The rescue boats come around 10-11am and leave at 5pm , but they worn you when they are leaving. Neither of us needed a rescue the whole time.
We managed to kite 4 out of 7 days. We had 13/12 and 9m kites. With bigger boards we would have kited the whole time. The water drops off fast though so if you go out not powered and the boats aren't out yet you may be in for a little swim ( I had to one morning).
The days that were windy though were amazing. FLAT water! We would usually eat a huge buffet breakfast, rig our big kites, do 3-4 hours straight, put the kites down at the kite spot, walk over to the resort for a huge buffet lunch (We could see out kites from the dining area of the punta blanca) then after lunch ride until sunset which was my favorite part. Once the rescue boats leave though you're better off to stay closer to shore, which if where the flattest water is anyways.
There is also the kite shop/school called Coche Kite Sports Center which is Run by a dude from Britain named Chris. Chill dude and Awesome rider. You can rent kites and boards, there is a small selection of gear, and also a little snack bar. You can also rent lockers to keep your gear in, but if you're staying at Punta Blanca it's probably not worth it. Once in a while they have parties there and you might find a couple hot kite bum chicks hanging around there
The worst part about the trip was Margarita Airport. Really poorly run and security/customs are really tight. It was really bad on the way home but seriously I was so stoked from my week at Coche it really didn't bug me.