We like doing this as well. Its nice being down in Waikiki, even with all the tourists. Its also nice being @ Bellows. Bellows the perfect place to throw some beer in a cooler, fire up the grill, and make a day of it. I think its also one of the nicest beaches on the island. Great way to relax.
When my wife originally caught wind that we were staying at a 'DOD only' hotel, she didn't think it would be really that nice. She was surprised! It was very reasonable and had an AAFES shoppette on property with reasonable prices. We didn't eat much @ the hotel for many meals, except for breakfast. The Koko Cafe was perfect for breakfast...great view (if you sit on the 2nd floor patio), good food, and it was very inexpensive. For standard pancakes, bacon, oj, and coffee, it was $5. This was back in 2005, but I'm sure its still about the same.
Smokin-my wife would have been a little pissed if she had to walk the 3 miles from the gate to the beach, especailly in the heat.