Garrett,
I was just at the Reef Club in May and the food was pretty decent at the pool snack bar. and very very good at the main restaurant. In fact, the ribs (barbecued) were incredible. Fear not the food my man.
As for the sewer smell? Yeh, I got a whiff of it once in a while. I think it's due to some standing water. Although a bit of a nuisance I didn't let it ruin my vacation. It's not like you are wallowing in it.
What did bother me some was that they were having problems with the pool and constantly draining it for repairs. A couple other things. The on site dive op, Snad Dollar, was without a base of operatons. Their shop was being used as the main lobby for the resort and they had no place to store tanks, equipment or even have decent rise basins. We had to carry our gear to our rooms and rise it there. Here again, things were improving quickly and the main lobby was about to be in operation just about the time we were leaving (May 14) so things should be pretty good for both the resort and hopefully the dive op. Sand Dollar did do a good job for us considering their handicap. It is one of the few that I have dove with that only give two tanks a day, though. The others I've used gave us three tanks off the boat per day. And no shore diving at the Reef Club.
Eat in town? It's a long ride. About 15-18 miles one way. If you've never been in town then you owe yourself the pleasure. Especially sunday evening at the square. You'll see!!!!!
For future trips look at the Hotel Cozumel and Resort/ Paradise Divers. A little less money, walking distance to town, clean/huge pool, good food (buffet style) although not as good as last year, and all inclusive rates. The dive op is very good. Although $6 extra per tank you can do some shore/night dives at your leisure.
Hope this helps.