Jason,
I play at Makalei regularly, mainly becasue of the price, but I have grown to like it. There are some fun holes and some thrilling shots. the site is severe about 1,00 feet difference from the first tee to the top of the course. They did a good job in the routing so that the uphill holes are not too much of a slog. It has the requisite drop shot par 3's. The holes are lined with ball eating lava, scrub forest. There are great views of the Kona coast.
The maintainence is what you would expect from an inexpensive public. There are no houses around the course so you get a rural feel. There is some great bird life. Francolins, pheasantts, jungle fowl (wild chickens) turkeys and maybe 100 peacocks roam the grounds.
I think it is a much better option than Kona Country Club but well behind the pricier privates.