I stayed at Posada La Terraza for 2 weeks with 3 friends. It was my first time to Los Rogues and it was beautiful; the best combination of beach/sea/nature that I have experienced.
La Terraza is a really nice and welcoming place to stay. The owners are very friendly and helpful. Blanca does an excellent job managing the rooms and day to day operations. The posada and air-conditioned rooms are extremely clean and comfortable. The breakfasts and dinners we had were excellent and a good variety over the 2 weeks...although if you don't like fish it could be difficult. The posada has 8 rooms and lots of common space for lounging around. Josefina keeps a garden in the courtyard and displays her rock sculptures in the garden. Ask her about them..she is a very nice and interesting person.
Juan will help you organize your daily excursions to the numerous beaches. Cayo de Agua was my favorite but all the beaches I visited were beautiful. Ask for Patrizia as a boat captain...she was great and I think the only woman who captains a boat. Great snorkeling at many of the beachs. The excurisions run about $10-20 per person depending on the distance (cayo de agua being the furthest) and include beach umbrella and chairs. You can organize lunch through the posada or as we did, buy your own drinks and snacks before leaving each morning.
Los Roques is a national park and development is thankfully restricted. There are no large hotels or resorts here so don't be expecting accomodations like you may find on other islands like Margarita or Aruba. Also night life is very limited. You come here for the beach and sea and to relax..and La Terazza is a perfect place to do this.
Tip for changing money: there is a big black market for exchaning money and the rate on the black market is much better than at the bank. However, beware of guys at the aiport in Caracas. A common trick is to ask you for large US$ bills to exchange...then distracting you and switching your bills for counterfit bills...then they give you back the counterfit ones and tell you they can't accept them because they are fake. Change just enough money at the official exhange offices to pay the entrance fee/tax in Caracas and for the entrace to Los Roques. When you get to Los Roques ask Juan about places to exhange more cash that you'll need for paying excursions, etc.