I have never been to Cabo so I can't comment. I did just come back from Aruba a few days ago... If you go to Aruba book your hotel thru Priceline! No seriously Priceline. Use this site for research
http://www.betterbidding.com/. Basically if you try to book 4* or higher there is only 5 or 6 hotels you can win I think 5 (there is a list on the website). There is nothing else that will come up (it's a small island). You will be happy with all of them as they will be the best on the island. I bid for 4* and booked a $309 priced Marriot for $140. My friends friend bid for resort and won $379-389 priced Westin at that time for $180 (and she overpaid $10-20 bucks because she was in a rush). If you drop to 3-3.5 stars you'll still get a decent hotel and it will probably be like a $100. When I was there somebody said you can rent a timeshare for cheaper and mentioned some website unfortunately I don't remember what it was. I did search for a timeshare before I booked thru Priceline but didn't see anything that looked good. Maybe somebody who reads this knows the website. But basically what I'm saying the crazy prices you will see for Aruba for good hotels will seem like such a scam it's not even funny. The airfare is cheap.