My wife and I spent two nights with another couple at Canoe Bay in October 2011. The villa that we stayed in (Edgewood) was very nice and the property is beautiful but there were a few disappointments:
1) Dinner on the first night was not good. The $75 (plus tax and service) fixed price menu included a (very good) arugula salad, thin/rubbery/overcooked Chilean sea bass, and a chocolate tart with a hard-as-rock crust. Dinner on the second night was much better.
2) The "miles of on-site hiking trails" that the property advertised totaled maybe 3 but certainly less than 5 miles. We hiked for about an hour and covered the whole place.
3) The "3 private lakes" would be more appropriately described as "ponds". If more than one couple takes out a canoe you will feel crowded.
On the positive side the wine list is small but excellent (and probably the only reasonably priced thing at Canoe Bay) and the staff was very friendly.
All things considered, I don't think Canoe Bay is worth either the long drive to get there or the well over $1K/couple/day that you will spend. For that kind of money I'd rather make the trip down to Knoxville to spend a weekend at Blackberry Farms.More