Haad Chaophao Bungalows, Koh Pha Ngan, Thailand
Whether or not you're going to the Full Moon Party, the Haad Chaophao bungalows are a great place to stay. Right on the beach. Bungalows are a bit old and run down, but still adequate. The food is cheap and very good.
There's a great common area that's like a raised deck with tapestries, a tv with several "DVD's", some books, and lots of cushions and low tables. In fact, people came from the other bungalows to eat and hang out here!
The place is run by a husband and wife, Chart and Pam. They are very laid back and very cool. It's a nice distance away from all the craziness of the FMP. I stayed for 2 weeks.