We were pleasantly surprised. We found a wonderful apartment from Freshwinds for around $1500/wk that sleeps 4...which came to about $60/person/night! The kitchen and living room were large and comfortable. All the rooms were decorated with large pieces of South American arts & crafts. Apparently the owners are importers and have a store in Colorado.
So if you are thinking of visiting Bermuda and don't mind giving up room service... consider renting an apartment for a week.